Don blames greed for economic challenges

The Vice Chancellor of the African School of Economics (The Pan-African University of Excellence), Abuja, Professor Mahfouz Adedimeji, has attributed the economic challenges facing a number of African countries to the greed of their leaders, while advocating a paradigm shift that prioritises meeting the needs of many people over satisfying the greed of the few in leadership positions.

Adedimeji made this submission in his address titled “Between Need and Greed”, delivered at the 2nd Public Lecture of the University, and which was delivered by Susan HayesCulleton of Ulster University, Belfast, Ireland.

According to the Vice Chancellor, while many countries in other parts of the world create conditions and develop sustainable models that ensure that people’s needs are met, the situation is different in many parts of Africa where economic conditions make life choking for the majority due to the greed and corruption of the leaders.

He noted that Nigeria is moving in the right direction and acknowledged that the recent economic reforms introduced by President Bola Ahmed Tinubu, though painful, will be fruitful. He said the value of the naira is appreciating in the forex market while there is also a gradual spiral in the cost of petrol and that people actually have renewed hope in the country.

Adedimeji decried the desperation that has characterised Nigerian society in the quest for quick financial breakthroughs.

“The focus of the youth should shift dramatically from interest in the primitive acquisition of wealth at the expense of moral values. Our society is becoming increasingly dangerous as a result of the appetitive avarice of the people, the young and the old.

“Recent developments about young people committing heart-shaking crimes of murder, ritual killing, and fraud have to be nipped in the bud through a systemic approach to human development. This is the approach that integrates the physical, educational, social, emotional, intellectual, and cultural components to training people.”

The don further highlighted the transition of Ireland from her challenging past to the current success story of resilience, adaptation, and extraordinary transformation as a vibrant hub for innovation, technology, and investment.

He also drew attention to the need to learn from others, especially China, which in the past month had launched the new AI model, Deepseek, for public use, tested 6G Internet, and got set to launch a kilometre-wide solar system far into space, a system that is 10 times more efficient than regular solar.

In her engaging lecture, “Economic Growth Models: The Irish Experience”, Ms HayesCulleton explored a century of Irish history and explained the transformations that have occurred over generations in the country across three generations.

She explained the economic development of Ireland, the far-reaching impacts of joining the EU, and the positive outcomes of investing in people, who constitute the greatest resource of Ireland.

The lecturer also highlighted the implications of issues like immigration, climate change, and Artificial Intelligence for economic productivity, social cohesion, and sustainable development.

The lecture was attended by dignitaries including the Ambassador of Ireland to Nigeria, Mr Peter Ryan, the Pro-Chancellor of the African School of Economics, Princess Gloria Akobundu, and the Vice-Chancellor of Al-Hikmah University, Ilorin, Professor Noah Yusuf, who chaired the event.

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