Prof. Oyebanji Oyelaran-Oyeyinka, a trailblazing figure in African development economics, has lived a life marked by significant milestones, but for him, nothing quite matches the simple gratitude of seeing another year. Now at 71, he reflects on his journey with a sense of humility, comparing the joy of his birthdays to the pivotal moments when he first graduated from the University of Ife and later defended his doctoral thesis.
He vividly recalls his external examiner’s encouragement to publish his work, a moment that set the stage for a career dedicated to industrialization and technology policy. Speaking with Reports, the Professor noted that reaching this age feels both enlightening and humbling. He credits his long life to divine grace and finds immense satisfaction in watching Africa’s youth today as they build and export knowledge-based solutions—a reality that was once merely a dream for his generation.
His academic foundation is nothing short of elite. He graduated with a First Class in Chemical Engineering, a feat he achieved at a time when his department was arguably the best on the continent. He followed this with a Master’s at the University of Toronto, which housed one of the top-ranked programs in North America. However, his eventual shift into development economics was what he describes as a divinely guided transition, born from a desire to understand why Africa’s early industrial experiments were failing.
During his early years at the Ajaokuta Steel plant, he witnessed firsthand how fragile progress could be; the moment foreign contractors left, work ground to a halt. This experience shaped his core philosophy: a nation’s strength lies in its autonomous technological capacity, not just in its raw investment dollars. He realized that while finance is essential, it is often ineffective without high-skill human capital and adaptive governance.
Breaking into this field wasn’t easy. Many of his peers at the time couldn’t understand how engineering and economic structures related to one another. One friend even questioned if he was wasting his talent by “dabbling” in a discipline that seemed so obscure. Undeterred, he stayed his course, eventually training scores of master’s and doctorate students at the United Nations University in the Netherlands and the Nigerian Institute of Social and Economic Research (NISER).
His transition from academia to high-level advisory roles at the African Development Bank and the African Continental Free Trade Area (AfCFTA) allowed him to turn patterns into policies. He believes that industrialization must be an intentional design rather than an accident. Citing the example of South Korea, he points out that their global giants like Samsung didn’t evolve by chance but were built through domestic commitment and strong leadership.
Prof. Oyelaran-Oyeyinka argues that Africa’s great mistake was over-relying on foreign multinationals, which inadvertently stifled the growth of national firms. To fix this, he advocates for a hybrid future where traditional sectors like agriculture are “reprogrammed” by the Fourth Industrial Revolution—using drones, analytics, and green technology to create new value chains. However, he warns that with the rise of Artificial Intelligence, the window for catching up is narrowing, making the need for strategic action more urgent than ever.
Beyond the complex world of global economics, the Professor remains grounded by his faith and his family. He views balance not as a perfect state, but as a pursuit fueled by purpose. Looking ahead, he intends to focus on mentorship and documenting Africa’s industrial history as a roadmap for future generations. For him, a legacy is not just found in the institutions one builds, but in the people one inspires to think critically and act with audacity.
