How research can address economic challenges

MASS protests are currently ongoing nationwide and many protesters continue to march in major cities and towns. The tempo keeps increasing due to demand for good governance, cuts in food prices, petrol costs, naira devaluation, and so on. The headline inflation rate as of June 2024 stands at 34.29%, according to the National Bureau of Statistics (NBS), which is a 28-year high. The Naira, too, has depreciated to around 80% against the dollar since mid-2023 according to records. The agitation of the populace is largely driven by this inflationary pressure and the Naira devaluation, which continues to make more people poorer by the day. Similarly, this protest may force businesses, commercial centres, banks, markets, academic institutions, and offices to reduce or close operations in the meantime for fears of demonstration degenerating. Therefore, many businesses, private and public, will suffer disruptions to operations and service delivery, which in turn will affect going concern and profitability at this time. This is increasingly of concern to the author because there is a place for creativity in academic research in all of these, yet this inconsideration is costing us all. Most successful countries and businesses of the modern day strive to continually comprehend the process of integrating research information, insights, and data to formulate strategies and make decisions for citizens and customers. And there is seamless integration of the academic research outputs into the economy, businesses, and economic future plans. But this is not the case; research works, academic articles, and thesis recommendations are not well defined to help socio-economic issues in the country.

All the agitations of the protesters are genuine, but the reality is that with accountability, genuine intentions, and deep research commitment conducted internally and externally, it can help dig up many recommendations, life modules, and solutions that can help the country and many failing and hailing businesses. But currently, academic research is underfunded and is increasingly a concern for the future of the nation. Because academic research can help address most of the pressing economic, social, and business issues we have around us, creative academic research can enable enterprises and the country to better comprehend these issues and also citizen concerns and consumer trends and preferences better, thereby facilitating improved efforts, well-being, quality of life, and increased revenue generation for businesses. But how many states and businesses within the country conduct creative research? Whether a start-up or an established business, local, state, or federal government research is significant and can facilitate innovation that may provide distinctive, high-quality products or services that can be easily differentiated from competitors. If harnessed very well by businesses, new technologies, insights, and information can be used to produce future products and services through creative research activities. Sadly, in most of our universities, we only write research, and we are not really doing research.

We need to improve the level of effort and commitment in the country to deliver benefits to society through research.Though research should be a continuous process for any organisation or country that intends to stay ahead of the curve in a world that is constantly evolving, the consequence of lack it is what is clearly seen around.  In a business world where artificial intelligence, technological adoption, and globalisation are taking over, it is important to build a culture of creative research orientation for businesses and research that improves quality of life for the people. Research can be applied across diverse fields and offers numerous advantages to the country and companies. While the author agreed that research funds have to be allocated carefully, research is so important and can result in benefits for our health, quality of life, and business management. For many decades, policymakers have been confronted with the causes of the protest, particularly high inflation, increased complexities and business failures, food insecurity, inequality, and the emigration of well-educated and highly skilled emigration (Japa), out-of-school children, insurgencies, and high youth unemployment in the country. Yet research can play a fundamental role in the above-mentioned and in economic development.

The author advances the awareness and promotion of creative research culture amongst all sizes of businesses, policymakers, and government establishments. It is also the wish of the author that universities focus on real-world problem solving and research. Because research contributes to the development of human capital by providing education, training, and skills to researchers and workers in a variety of disciplines and sectors. Therefore, governments need to fund research to support national priorities and tackle societal challenges, as well as because research can incite technological advancement by generating novel knowledge, techniques, and instruments that can be employed to enhance quality, efficiency, and production within the economy. Research can also promote innovation by facilitating the development, dissemination, and implementation of new ideas, products, services, and processes that satisfy the requirements and desires of society and consumers. This was evident during the COVID pandemic, as research rapidly delivered new vaccines and treatments. So, it suffices to say that medical research contributes to the development of new treatments and cures for diseases. Additionally, research fuels innovation and knowledge creation and can contribute to the resolution of many issues that the country is currently facing.

In conclusion, clearly, academic research can inform government policy decisions and directions because, through data analysis and research findings, policymakers can identify key challenges and offer recommendations. It can also enable governments to make strategic choices that promote the well-being of their citizens and economic development. Consequently, to maximise the impact of research on economic development, it is critical to invest in research and development (R&D), support research infrastructure, subject matter experts, and institutions, and foster collaboration and coordination among researchers, industry, and government. By investing in research or research experts, the nation can unlock and harness its economic potential, build a more prosperous future, and protect its position in the global space. Good Luck!

• Dr. Olubiyi is an entrepreneurship and business management expert.

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