Oluyomi Ola-David Insights

I like the tropical fruit called pineapple and it serves as a sweet base for some of my homemade fruit juices. I have observed in recent times as I shop in local markets and around town for pineapple that there are two varieties –  slim-shaped pineapples and robust pineapples. The slimmer pineapples are usually the majority available with general purpose or specialized fruit vendors and can be bought at low prices (between NGN40 – NGN80 a piece depending on size). On the other hand, the robust variety are sold at relatively higher prices (between NGN150 – NGN250 a piece).  Of course I usually purchase the cheaper variety because it is readily available in larger quantities than the robust type. Recently, while shopping for fruits at a nearby cluster of sellers, I had bought the robust type (because the slim type was not available) and discovered a difference in colour, taste and texture. On a fact finding mission (during another market visit) while bargaining for a set of

Foreign direct investment (FDI) has been widely adjudged a veritable tool for international finance, private sector development and, national development.  However, there has been relatively little emphasis placed on its role in reducing poverty and narrowing inequality in the developing economies of Africa.  In a recent  study , I and Oyebanke of Columbia University depicted a link between FDI and poverty reduction, with poverty being analysed within a multidimensional framework.  Situated within theoretical and empirical literature on  FDI , institutions and social policy in Africa,  we established the importance of building the right institutions to foster inclusive growth .  Using  the specific case of the Nigerian Niger-Delta region we showed how crisis in human security and development is a consequence of the absence of efficient social development institutions.   On the other hand, from the success story of Mauritius, we illustrate how FDI can deliver on its p

The phenomenon of jobless growth is widely discussed  in literature on employment in developed countries.  In an attempt to examine the phenomenon of jobless growth in Nigeria, Africa's largest economy, we carried out a  study  to estimate the  employment elasticity of economic growth.  There are two important findings from the study. First, economic growth  was found to be   employment elastic and significant, implying that the notion of jobless growth - whereby economic growth is negatively related to level of employment - does not apply to the Nigerian  economy. Second, foreign private investment was observed to be employment inelastic. This indicates that foreign  private investments may be engaging more capital-intensive technologies rather than  labour-intensive technologies in a labour-surplus economy.  Otherwise, foreign private investments may be creating jobs but not so much for Nigerians, leading to capital flight. In order to ensure that foreign privat