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From Reversal of Fortune to Economic Resurgence

Industrialization and Leadership in Asia’s Prosperity and Nigeria’s Regress

Banji Oyelaran-Oyeyinka author Oyebanke Abejirin author

Format:Hardback

Publisher:Anthem Press

Published:5th Nov '24

Should be back in stock very soon

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From Reversal of Fortune to Economic Resurgence cover

Examines the divergent economic growth between Nigeria and Asia, particularly focusing on factors such as state and institutional capabilities that have led to Asia’s advancement in industrial and technological knowledge compared with Africa, utilizing both qualitative and quantitative methods to analyze these differences in economic progress.

This book examines Nigeria, Africa’s largest economy and most populous country, and Asia in comparative development and sectoral perspectives. We traced the divergent growth in wealth between the two regions. It takes a novel approach of matching key growth sectors across five selected Asian countries and Nigeria in a cross-regional context. We found that state and institutional capabilities underlying the generation and diffusion of industrial and technological knowledge in Asia distinguished it from Africa. We employ quantitative and qualitative methods, including case studies and statistical/econometric methods, to analyze factors that separate the sample countries that made rapid economic progress in “catching up” and those that tend to be stagnating and “falling behind.”
Progress made by Asian countries over the last five decades was due in large part to their pursuit of industrialization, technological acquisition underpinned by leadership, good governance, and policies in the right institutional contexts. The four Asian countries compared with Nigeria are Indonesia, Malaysia, South Korea, Vietnam, and Bangladesh. There was not one grand development formula; however, the strategy broadly consisted of industrial (vertical) diversification as well as (horizontal) diversification in agriculture. Building industrial capabilities that enable export competitiveness was critical. Again, while leadership is not usually included in factors of growth, the book devotes a chapter to Leadership and Industrialization and another to State Capacity Industrialization and Economic Growth.
African countries on the contrary took the low road in exporting minerals and raw agricultural commodities with little value addition; in the process, Africa experienced a reversal of fortune. The African condition is manifestly a Reversal of Fortune because in the 1950s, they were ahead of, or equal to, Asia in per capita income as well as in other development metrics.
We carried out empirical measurement of Reversal of Fortune manifested in economic, social, technological, and industrial conditions by analyzing the disparities in development metrics, particularly the levels and rates of growth of national incomes, industrialization rates, and Human Development Index (HDI). The differences are stark.

From Reversal of Fortune to Economic Resurgence is a magisterial study. It amplifies the great divergence in economic growth and poverty gap between Nigeria and various Asian countries. These ideas have been advanced before, but seldom so coherently, convincingly and urgently. — Richard Joseph, a nonresident senior fellow in Global Economy and Development at the Brookings Institution; John Evans Professor of International History and Politics at Northwestern University; a former fellow of The Carter Center.


From Reversal of Fortune to Economic Resurgence stands as a compelling exploration of the pivotal choices and strategies that can either propel nations towards prosperity or set them on a course of decline. — Carlos Lopes, Nelson Mandela School of Public Governance, University of Cape Town; 8th Executive Secretary of the UN Economic Commission for Africa.


The unique book provides a comprehensive analysis of the successful Asian countries and Nigeria in their industrialization efforts, identifies leadership failure to be the main cause for Nigeria’s predicament and generates a set of sensible lessons for Nigeria and other African countries to reverse their destiny. — Justin Yifu Lin, Professor and Dean, Institute of New Structural Economics, Peking University; and Former Chief Economist, the World Bank.

ISBN: 9781839991974

Dimensions: 229mm x 153mm x 26mm

Weight: 454g

292 pages