A Professor of Resource and Development Economics, Prof. Rasaki Olufemi Kareem, on Tuesday delivered the inaugural lecture of Crescent University, Abeokuta, where he raised concerns over Nigeria’s management of its vast natural endowments despite persistent underdevelopment.
The lecture, titled “Resource Efficiency vs Economic Development: Whither Nigeria?”, marked the university’s Inaugural Lecture 01 and drew a large academic audience to the Bola Ajibola Auditorium, where the scholar was applauded for what many described as a thought-provoking presentation.
Reflecting on his academic journey and professional progression, Kareem used the platform to interrogate Nigeria’s development paradox, questioning why a resource-rich nation continues to grapple with economic stagnation.
“Nigeria is blessed with both human and natural resources. Despite all the resources, where do we stand or where does that leave us?” he asked.
He further queried: “Why are we where we are today despite endowments of huge natural resources?”
In the 62-page lecture, the don highlighted Nigeria’s vast ecological and agricultural potential, noting that the country possesses about 30.2 million hectares of arable land and 12 million hectares of freshwater resources spanning 960 kilometres of coastline, all of which, he said, support diverse agricultural and aquatic production.
He also listed several mineral deposits available across the federation, including gold, lead/zinc, limestone, oil and gas, marble, salt, uranium, gypsum, kaolin, bitumen, iron ore, phosphate and lignite, among others.
According to him, the abundance of resources across all states of the federation underscores the need for prudent and transparent management in the public interest.
“Since the resources of the country do not belong to individuals, the state must judiciously use same in the interest of the generality of the citizens,” he said, stressing that accountability remains central to national development.
He added that Nigeria’s economic trajectory would largely depend on its commitment to sustainable resource management and responsible leadership.
In his remarks, the Proprietor and Chairman of the Board of Trustees of the university, Prince Ma’ruf Adesegun Ajibola (SAN), commended the inaugural lecturer, describing the milestone as a reflection of the institution’s steady academic growth.
Earlier, the Vice Chancellor, Prof. Ibraheem Gbajabiamila, while introducing Kareem, highlighted his contributions to the university’s academic and moral development, jokingly noting that “the fear of Kareem is the beginning of wisdom,” a remark that drew laughter from the audience.
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