Otti Receives 2024 Nobel Laureate In Economics, Prof. James Robinson; Says Economic Decisions Must Prioritise Development Over Growth

Abia State Governor, His Excellency, Dr. Alex Otti, OFR, on Monday, July 27, received the 2024 Nobel Laureate in Economics, Prof. James A. Robinson, and a delegation of distinguished professors from the United States led by Nigeria’s former Minister of Education and Health, Prof. Ihechukwu Madubuike, during a courtesy visit to the Governor’s Office.

Welcoming the delegation, Governor Otti congratulated Prof. Robinson on winning the 2024 Nobel Prize in Economics. He described it as a pleasure to finally meet the renowned development economist in person, having known him through his work and reputation.

The Governor said that development economics is the most important area of economics because it addresses the fundamental issues affecting people’s lives.

“Anyhow you look at it, development is all about input and output. A lot of times you do things that will lead to growth, but then, they don’t speak to development,” the Governor stated.

The State Chief Executive and First-Class graduate of Economics from the University of Port Harcourt, noted that the era when economic growth was automatically equated with development has long passed.

“You can have empty growth; that does not affect development. A clear example is when you have economic growth, GDP growth; maybe 3% or 5% GDP growth, that may look significant, but when you have population growth of 10%, then clearly that growth is actually a decline because you have more mouths to feed than the food that is available,” Gov. Otti explained.

The Governor stressed that his administration deliberately focuses on policies that drive sustainable development rather than merely improving growth statistics.

“In taking decisions, we look at those desiderata that would impact development, not necessarily growth. Everything is interconnected. You end up looking at a poverty rate of some percentage. But there are some fundamental things that lead to that poverty. One of them may just be unemployment; the other may be poor productivity, which is exacerbated by poor input.

“And, at the end of the day, you find out that you would end up in a vicious cycle. And until you break that circle, everything will keep reinforcing each other.

“For us here, we start from that point: what is it that we need to do to break the cycle of poverty? And it may just be outside the circle. It may be an externality,” Governor Otti added.

Governor Otti further explained that while creating an enabling environment for businesses and investment is essential, it must be complemented by building the capacity of citizens to take advantage of available opportunities.

“You see things that have been done to enable trade, enable commerce, enable productivity; nothing is happening.

“You may also inject funds or capital into the system; if there is no resource to take that, it’s a waste,” Gov. Otti stated.

The Governor added that his administration remains committed to continuous learning and expressed the State Government’s readiness to collaborate with Prof. Robinson on research, policy development, and knowledge exchange, subject to his availability.

Earlier, Prof. James Robinson of the University of Chicago, USA, and the 2024 Nobel Laureate in Economics, said he was pleased to visit Abia State. He expressed interest in engaging in discussions on Nigeria’s development and institutional challenges, Governor Otti’s approach to addressing those challenges, and what they can contribute.

Also speaking, Prof. Leander Heldring of Northwestern University, USA, noted that the prosperity of nations largely depends on factors within the control of their people and institutions. He commended the developmental strides recorded in Abia State and expressed their admiration for the reforms being implemented by Governor Otti.

Similarly, Imo-born Prof. Chima Korie from Marquette University, USA, who recently reviewed the book “Nigeria, a Crumbling State” written by Prof. Ihechukwu Madubuike, said that if every State in Nigeria was doing like Abia, then there would be no need for such books.

He added: “Many of us, including those living in the Diaspora, are really proud of you and what is happening in Abia State.

“We are really hoping that other States, including those around the eastern region, will learn from what is happening in Abia,” Prof. Korie stated.

The Leader of the delegation, Prof. Madubuike, explained that the visit was designed to facilitate knowledge exchange aimed at deepening Abia’s development model through research collaboration, policy advisory support, capacity building, and greater engagement with the global academic and policy community.

He described Abia under Governor Otti as a reference point for prudent economic management, adding that the Governor’s commitment to fiscal discipline, transparency, productivity, and value for money aligns closely with the principles championed by Prof. Robinson.

Also speaking, the President of the Abia State Leadership Academy, ASLA, and former Secretary to the State Government, Prof. Kenneth Kalu, disclosed that his academic career has been greatly influenced by the writings of Prof. Robinson and his co-scholars, which he began studying as far back as 2001.

Prof. Kalu also spoke on the establishment of the Abia State Leadership Academy through an Executive Order by Governor Otti. He said the Academy is dedicated to raising ethical, empathetic, and institution-focused leaders who understand their civic responsibilities and are equipped to provide transformative leadership for the State and beyond.

The meeting was attended by the Chief of Staff to the Governor, Pastor Caleb Ajagba, PhD, among other members of the State Executive Council.

Ctz. UKOHA, NJOKU UKOHA
Chief Press Secretary to the Executive Governor of Abia State.