Navigating the miry clay: Engaging a 3 by 5 auxiliary gear system
| creativework.keywords | Nigerian economy Economic transformation Development policy Macroeconomic challenges 3 by 5 auxiliary gear system Interdisciplinary approach Structural reform Economic resilience Behavioural economics Fiscal and monetary policy Sustainable development Economic diversification | |
| dc.contributor.author | Adeoye, B. W. | |
| dc.date.accessioned | 2025-07-10T15:16:56Z | |
| dc.date.available | 2025-07-10T15:16:56Z | |
| dc.date.issued | 2025 | |
| dc.description | Navigating the miry clay: Engaging a 3 by 5 auxiliary gear system. Inaugural lecture delivered at the Nurudeen Alao Auditorium, Distance Learning Institute, University of Lagos, Nigeria By Professor Adeoye, B. W. | |
| dc.description.abstract | This inaugural lecture, delivered by Professor Babatunde Wasiu Adeoye, explores Nigeria’s persistent economic stagnation, metaphorically described as a "miry clay economy." Drawing from biblical allusion and mechanical engineering, the lecture introduces the "3 by 5 auxiliary gear system" as a holistic, interdisciplinary framework to rescue Nigeria from economic quagmire. The miry clay economy is characterized by low growth, high inflation, mounting debt, corruption, and over-reliance on a single sector. Professor Adeoye critiques the ineffectiveness of imported neo-liberal economic models and advocates for a homegrown, heterodox approach tailored to Nigeria’s unique context. The "3 by 5" philosophy calls for collaboration among government, private sector, and civil society, integrating five key areas: economics, science and technology, social sciences, environmental sciences, and governance. The lecture underscores the need for fiscal discipline, monetary reform, institutional strengthening, economic diversification, and investment in human capital. Through empirical analysis, sectoral comparisons, and policy recommendations, the lecture provides a roadmap for transitioning Nigeria from stagnation to sustainable, inclusive growth, emphasizing the urgency of coordinated reforms and the rejection of one-size-fits-all external prescriptions | |
| dc.identifier.citation | Adeoye, B. W. (2025). Navigating the miry clay: Engaging a 3 by 5 auxiliary gear system. Inaugural lecture delivered at the Nurudeen Alao Auditorium, Distance Learning Institute, University of Lagos, Nigeria. 96p. | |
| dc.identifier.issn | 1119-4456 | |
| dc.identifier.uri | https://ir.unilag.edu.ng/handle/123456789/13256 | |
| dc.language.iso | en | |
| dc.publisher | University of Lagos Press and Bookshop Ltd | |
| dc.relation.ispartofseries | An Inaugural Lecture Series; 2025 | |
| dc.title | Navigating the miry clay: Engaging a 3 by 5 auxiliary gear system | |
| dc.type | Presentation |