Being the Text of a Keynote Address Presented by Governor Alex C. Otti, OFR, at the Oxford Global Think Tank Leadership Conference on Better Leadership for a Better Nigeria and Public Presentation of the Book: All Hands on Deck: Unleash Prosperity through World Class Capital Markets on Tuesday, October 28, 2025 in Abuja.
Protocols
1. Every society thrives or falls on the strength of the ideas developed and propagated by its thought leaders — the individuals whose opinions direct the ebbs and flows of public conversation, morality and values. The development gap that exists between nations is clearly not about the quantity of mineral resources buried beneath its soil or the presence or absence of other natural body of advantages. After about 100 years of development studies, it has been proven that natural resources, when not paired with the requisite human intellect to make the most of it, can in itself become an albatross to a society’s development aspirations. Everyone in this room knows perhaps a dozen countries around the world that developed with minimal income from crude mineral extraction. In the same vein, I am also certain that all of us know another dozen countries or more that are blessed with abundant natural resources, and yet, genuine development remains elusive. It then follows that prosperity requires more than just huge deposits of raw minerals. Long-term progress is initiated and sustained by the discipline of leadership, the power of ideas and the courage of execution. Development is therefore a human function — a rigorous intellectual exercise and the end product of blistered hands.
2. It is not for nothing that societies that seek progress prioritise education and human capital development for without a critical mass of individuals committed to making the most of the natural resources found within their environment, the largest deposits of precious minerals will only amount to little and could actually trigger undesirable outcomes. The good news, however, is that no matter how far off a society may have strayed from the path of progress, there is always a way back; for no destiny is final and no course is irreversible. Today we have gathered for what is effectively a rich festival of ideas and harvest of brilliance in the diverse frontlines of human commitments. I am impressed with the general sense of gratitude in acknowledging that we are a blessed people. It is also noble that even in our gratitude, we have clearly not lost sight of the fact that on several scores, we have betrayed the lofty dreams that inspired our fathers to fight for an independent Nigeria. It is my considered view that we are still not too far gone to rediscover the promise of Nigeria and rise collectively to take our place in destiny.
3. Let me on this note, thank the founder of the Oxford Global Think Tank — one of our country’s brightest exports — Prof Arunma Oteh, OON — for convening this event and for the excellent use of her platform to consistently point us to the right path. May I use this auspicious occasion to specially appreciate this revolutionary amazon for her brilliant and peerless contributions to the holistic development of the human community, especially in Nigeria and across Africa. While it is beyond dispute that the former Treasurer and Vice President of the World Bank has distinguished herself through decades of active leadership and service in development finance, capital market regulation, academia and humanitarian pursuits, her recent gift of a wonderfully-written book, All Hands on Deck: Unleash Prosperity through World Class Capital Markets, reflects, more than anything else, her generosity and belief in the power of ideas to transform nations and recover what may have been lost. I was delighted to read through the very critical insights shared in the pages of my sister’s new book on how to develop and leverage the capital market to address much of the economic challenges we face as individuals and even more importantly, in the larger society. I like the emphasis on knowledge — understanding how the system works and how nations, organisations and households can master the flow of the market to grow and preserve wealth across generations. What makes this book truly exceptional is that it was written from a place of experience with important anecdotes that break the technical elements of the discussion down for readers without extensive knowledge of economics and finance. I am particularly glad that the book offers us a clear path to resource mobilisation without the sneers that come from borrowing. I consider the book an excellent treatise on economic freedom, preservation of national sovereignty and integration of domestic financiers into the development matrix.
4. The new book by Arunma, beyond sharing very incisive thoughts on the pathways to prosperity through the capital market, also presents important leadership lessons and new paradigm for national development. I am glad that this book is coming at a time when our nation appears to be at a crossroad with millions of people uncertain about the future. This is exactly the point where the author’s leadership philosophy anchored on the 4Cs of character, compassion, competence and courage has to be adopted as a national template for leadership. At the heart of our challenge is the dysfunctional leadership recruitment template that promotes chaos and mediocrity. The setbacks we have encountered in recent decades are the natural consequences of treating leadership development as a distant concern. We have ultimately become victims of a system that places scant regard on character, treats compassion as evidence of weakness, mistakes arrogance for competence and promotes the noisy over the truly courageous.
5. As someone who has sat on very important tables in her long career as a development professional and policy maker, Prof. Oteh appreciates the pains of missed opportunities, the misery of unrealised potential and the frustrations of lost momentum. While it would be untrue to suggest that it has been all doom and gloom, one would expect that from the interactions that would take place today and the lessons of the new book, we can do much better with the abundance of human and material resources that our country is blessed with. We live in a new era where wealth is tied to knowledge and there is a lot of advantage for us in this regard. Our people are amongst the most brilliant, innovative and enterprising individuals in very demanding fields of science, technology and academia. The human goldmine that you find in Nigeria can effectively transform the social and economic experiences of present and future generations and ultimately lead the African development renaissance. It does not speak well of our kind that most times, the best of us only finds the right environment to unleash their brilliance outside our shores. Our route to recovery could actually be found in creating an environment for all of us to thrive — right here in our land. This we can do by rebuilding the system to reward excellence, offer equal opportunity to everyone and create multiple spaces for individuals to live out the full expression of their talents.
6. We may not all agree but on the evidence of what we have seen in the last 65 years of Independence, genuine social and economic development have their foundation in the human mind; without creating spaces where the mind is nurtured and exposed to noble thoughts, bold ideas and a higher philosophy of living, all models of development become illusory. This is where education and the structures of learning come into play. Prof Oteh is an excellent proof that quality education, especially at the foundational level, can make a world of difference in what a child becomes. I would, therefore, insist that the key to unlocking our rich but largely dormant human potential is the restoration of standards and values in the education sector. Beyond recruiting quality teachers, upgrading infrastructure and instilling a strict culture of discipline in the learning environment, we also have to pay attention to curriculum development. I would like to specially thank the Federal Ministry of Education for the recent changes in basic and secondary education curriculum but as I have learnt in my interactions, developing an excellent body of curriculum is one thing, effective implementation is another, all together. To achieve the outcome that we seek, we have to be prepared to cover the entire 9 yards. The learning process in our schools must be structured to prepare the next generation for the challenges of the environment they are going to live in — not tie them to the world of their forefathers — except of course as lessons in history. The products of our school system should embody excellence, capacity for independent thinking and of course, be made to appreciate that education is only valuable when it is applied to a higher objective.
7. Prof Arunma Oteh at 60 remains a shining light and a brilliant example of what we are capable of becoming when leadership is driven by the commitment to make an impact. I am immensely proud of what she has achieved in her long career but even then, I know that her best years are still ahead. As the Governor of Abia where she hails from, I often find myself under a lot of pressure to build systems and institutions that would produce more Arunma Otehs. This is partly the reason we have continued to commit the largest share of our annual budget to the education sector. For the past 2 consecutive years, 20% of our budgetary provision has gone to the education sector and we are likely to going to remain on that route for the foreseeable future. We have also made education free and compulsory in the whole state. This resulted to a spike in enrollment, which more than doubled in 3 months. We recently recruited more than 5, 000 teachers for the public school system and preparations are in place to recruit another batch of 4, 000. We are also committing enormous resources to infrastructure upgrades, security of pupils and teachers and welfare packages to keep the staff motivated. At the tertiary levels, we are also making diligent efforts to support the holistic development of our students. In the light of the competitive nature of the 21st century environment, the focus in our tertiary institutions has shifted from producing graduates that will be dependent on the system for survival to building leaders who will shape the future of their industries.
8. Another priority area in our governance outlook is healthcare delivery because it is tied to our broad programme of human capital development. Leaning on the 2001 Abuja Declaration, we have consistently set aside, 15% of our projected annual public expenditure outlay to healthcare development and I am happy to report that the results are beginning to show with improved access to healthcare for everyone, especially rural dwellers. The target is to have a properly equipped and staffed medical facility within a walking distance in all parts of the State.
9. My expectation will be that all of us will leave here with a new consciousness and a resolute commitment to model excellence in our individual undertakings. May I also encourage us to get copies of Prof Arunma Oteh’s wonderful book and digest the important lessons it holds in sustainable wealth creation through knowledge of the capital market and the new leadership paradigm it invites us to. The truth is we have stayed in the difficult place of mediocrity and for too long. At 65, we should be able to stand firmly on our feet and march forward in an unyielding resolve to pay whatever price is required to actualise the great destiny that our nation has been called to.
10. Thank you for listening and may God bless all of us.
Dr Alex C. Otti, OFR
October 28, 2025
