A renowned professor of Development Economics, Adebayo Fatukasi, has argued that government policies aimed at poverty eradication will continue to fail without the inclusion of, and input from, indigenous development economists.
He therefore advocated closer collaboration between the government and development economists to ensure the success of targeted, transformative strategies that would reduce the country’s rising poverty rate.
He also appealed to the government to invest in the simultaneous development of all regions and states in Nigeria. According to him, the current rate of development in the South-West, South-East and South-South is incomparable to that of the northern regions, which are far behind in terms of development.
Prof. Fatukasi stated this on Tuesday, April 21, 2026, while presenting the 59th inaugural lecture of Adekunle Ajasin University, Akungba Akoko, Ondo State, titled: “Reducing Poverty in Our Land: Divine Mandate of a Development Economist!”
He acknowledged the various reforms introduced by different administrations to reduce poverty, lamenting that these efforts had rather deepened poverty and increased economic indebtedness and dependence as a result of inadequate funding, lack of proper coordination and commitment, poor design, and weak monitoring and evaluation.
“In 1972, the Federal Government embarked on the National Accelerated Food Production Programme (NAFPP). In 1975, two programmes were launched: the National Agricultural and Co-operative Bank, and Operation Feed the Nation. In 1979, the River Basins Development Authority (RBDA) was created to cater to the development of the basins of the country’s major rivers.
“Others are the Green Revolution of 1980, the Back to Land programme of 1984, the Directorate for Food, Roads and Rural Infrastructure (DFRRI) of 1986, the Nigerian Agricultural Land Development Authority (NALDA) of 1992, the Better Life Programme (BLP) of 1987, the National Directorate of Employment (NDE) of 1986, and the Family Economic Advancement Programme (FEAP) of 1998. More recently, we have had the Poverty Alleviation Programme (PAP), the National Economic Empowerment and Development Strategy (NEEDS), N-Power of 2016, and the TraderMoni scheme of 2021,” he noted.
Quoting the World Economic Forum, Prof. Fatukasi posited that evidence of these programmes’ failure is reflected in Nigeria’s poverty figures: about 87 million people – representing 38.9% of the population – lived below $2.15 per day in 2024, ranking the country second only to India in global poverty.
He blamed several factors for the poverty rate, including poor employment opportunities, corruption, a poor education system and limited access to education, a poor saving culture, overpopulation, laziness, insecurity, poor government policies, poor quality healthcare, insufficient access to resources, and lack of investment knowledge.
Underlining the role of development economists in a country’s economic development, he stated that they analyse various economic factors such as income distribution, resource allocation, industrialisation, trade, infrastructure development, education, healthcare, and environmental sustainability in developing countries.
The inaugural lecturer mentioned that the importance of development economists includes conducting research, policy formulation, policy analysis, project evaluation, capacity building, advocacy, and – most importantly – giving recommendations and advice on how a developing nation can improve infrastructure, human capital, or the legal environment for enterprise.
The Don therefore called on experts in development economics and relevant stakeholders to design targeted strategies that will drive sustainable development and address structural and systemic economic challenges.
He also stressed the need for more context‑specific theories, noting that many existing models do not reflect the country’s cultural realities and ways of life. He observed that some so‑called experts, particularly those affiliated with multinational donor organisations, often promote sophisticated concepts, elegant theoretical frameworks, and complex econometric models that ultimately result in inappropriate or ineffective policies.
Prof. Fatukasi added that development economists should prioritise practical approaches and models that directly improve the living conditions of citizens and “put food on their tables”.
“Poverty remains a complex problem that occurs everywhere and can be triggered by various things. Overcoming it requires cooperation from various parties, ranging from individuals and communities to governments and world organisations.
“What becomes of a child raised in a slum? The government’s effective and impactful development policies remain the hope of such a child,” he said.
Earlier, while presenting the inaugural lecturer, the Vice Chancellor and Chairman of the occasion, Prof. Olugbenga Ige, defined inaugural lectures as platforms to share transformative ideas and discoveries with the academic community, policymakers, and the wider global audience. He commended the Don for addressing critical issues affecting the nation and the global community, noting that his research offers practical insights and policy‑relevant solutions to pressing socio‑economic challenges.
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