Former Minister of Finance and National Planning, Dr. Shamsuddeen Usman, has described the principal-agent problem as the the root cause of Nigeria’s stalled progress.
Usman stated this on Saturday at the public presentation of his new book titled “Public Policy And Agent Interest”(Perspectives from the Emerging World) held at Dangote Business School, Bayero University,Kano.
He described the book review as a homecoming, reflecting on his roots in Kano and his lifelong commitment to the well-being of the Nigerian people.
He explained that the book is an honest attempt to answer the question of why Nigeria, despite its vast human talent and natural resources, continues to fall short of its immense potential.
“The root cause of Nigeria’s stalled progress was principal-agent problem,”This problem occurs when agents (those in government) forget who they work for (the principals, or the people) and begin to serve their own interests instead” he said
Usman emphasised that the consequences of the principal-agent problem are felt daily in Kano and across Nigeria, noting that when leaders are consumed by political infighting, it leads to administrative paralysis, causing ordinary citizens to suffer.
He cited the alarming statistics of over 20 million children out of school in Nigeria and the lack of basic infrastructure in urban settlements.
He proposed a four-step solution to fix the broken promise, which includes demanding data and transparency, challenging vested interests, insisting on a new social contract, and fully engaging to make a difference.
“To contribute towards addressing these challenges, my children have established the Shamsuddeen Usman Foundation, focusing on health, education, and information technology to support the next generation of leaders in Kano and beyond,” Usman said.
The book reviewer, Prof Badayi Sani of BUK, described the book as priceless “not only a must-read but an encyclopaedia on public policy and agent interests,” praising its unique depth, ethical reflections, and practical insights from real life experiences.
He lauded the foresight of Dr Usman for publishing the book, saying it would go a long way in shaping future leaders on the right track.
He noted that the book’s central argument centres on the principal-agent problem, which manifests when agents or public officials promote their personal or political interests over public welfare, resulting in failed policies and stalled development.
The event was attended by top dignitaries, including Governor Abba Kabir Yusuf, Emir Muhammadu Sanusi II, and other esteemed leaders from traditional institutions, academia, government, and other stakeholders.