The Government College Ibadan Old Boys Association (GCIOBA) has decried the negative consequence of capital flight as a result of brain drain on Nigeria, calling for a careful assessment of the return rate of students who go to study overseas.
This was made known at the association’s 2012 reunion public lecture entitled “Capital flight and brain drain: Nigeria’s neo-colonial slavery,” delivered by Dr Omololu Olunloyo, former governor of Oyo State, as part of the activities marking the celebration of the 83rd anniversary of the Government College, Ibadan.
Olunloyo, who was part of the 1948 set of the college bemoaned the departure of educated and professional people from the country for better pay or conditions, describing it as “economic cost, since emigrants often take with them some definite fraction of the value of their education and training sponsored by the government or other organisations.”
He pointed out that while brain gain and brain circulation took place in developing countries, Nigeria’s case was more of brain drain, adding that it has cost Africa over $4bn annually, in the employment of 150,000 expatriate professionals, with Kenya and Nigeria as the most affected.
Dr. Olunloyo stated that for there to be development, the symbiosis between education and the economy must be taken advantage of as done in the early independence era, saying, “any surplus generated, in just before the last decade preceding flag independence in 1960, were partly invested on educational expansion by certain pacesetting governments in Nigeria, such as the Awolowo government, by the planned dynamic expansion of free primary education launched on January 17, 1955.” He described the process as a chain reaction for development, adding that “if the economy had been properly handled in the immediate post- independence period, the several missed opportunities for diversification and industrialisation wouldn’t be staring us in the face.”
The lecture was held alongside the book launch of “Echoes from Apata Ganga,” a compilation of (GCIOBA) annual reunion lectures had the national president, GCIOBA, Mr. Banwo Smith, Ibadan chapter chairman, GCIOBA, Prof. Yomi Badejoko, Kabiyesi Ojutalayo, Chief (Dr.) Lekan Are and other members of the old boys association in attendance.