Institute identifies low productivity as Nigeria’s major challenge

Founding President, Institute of Strategic Management of Nigeria (ISMN) (Chartered), Professor Austin Nwandulu, has listed low productivity as one of the major challenges confronting Nigeria’s national development.

Nwandulu said this at the Institute’s Strategists’ Forum 2024 with the theme, “Resetting National Priorities: Leveraging Strategic Entrepreneurship,” and Induction ceremony on Friday night in Abuja.

He called for the redefining of strategic management, emphasizing the importance of strategic leadership in addressing the nation’s productivity challenges. According to him, Nigeria’s primary problem is not just leadership or lack of skilled manpower, but low productivity. He added that addressing the issues required a combination of effectiveness (doing the right thing) and efficiency (doing things right).

“What is wrong with Nigeria is simply low productivity, and so, we need to solve the problem through a fusion of effectiveness and efficiency. It is propelled by the leaders, and if you are projecting over a long horizon, it will be the duty of strategic leaders,” he said.

The professor expressed optimism, projecting that Nigeria will achieve greatness by 2060 and beyond, driven by strategic leadership and managed change. He encourages youth and all Nigerians to remain hopeful, emphasizing that the current struggles were temporary hiccups on the path to national success.

“We need to manage change and we believe that Nigeria will be a great nation by 2060. That is approximately 40 years from now, and there are so many changes we need to manage, changes that will take place by 2030, 2040, 2050, and 2060, when Nigeria will have been a great nation of good people. Anybody who feels hopeless should know that Nigeria is getting there, and it is not an impressionistic pronouncement, nor is it wishful thinking; it is buried in critical and constructive thinking,” he added.

In his opening remarks, the President of ISMN, Mr. Alex Enebili, reiterated the commitment of the institute to training and building strategic leaders who would act as agents of national development. Enebili urged the newly inducted fellows to see themselves as leaders, difference-makers, anywhere, anytime, and to distinguish their careers and be prominent in performance. He urged newly inducted members and fellows to uphold the values of the institute and be world-class professionals.

Chief of Accounts and Budget, Nigerian Air Force (NAF), AVM Uchechi Nwagwu, a fellow of the institute, was recognized for hard work and dedication at the event. He was recognized alongside the Chairperson, Board and Body of Fellows of ISMN, Dr. Jummai Umar-Ajijola.

In his remarks, Nwagwu expressed gratitude to ISMN for recognizing hard work and encouraged new inductees to contribute to the institute’s growth. He reassured the institute of his commitment to its goals and urged others to build on the foundation laid.

A total of 403 new members, comprising 363 full members and 40 associate members, were inducted into the institute.