The Nigerian Economic Society (NES) has called on Nigeria and other African nations to prioritize the transformation of agriculture, trade, and energy sectors as a pathway to sustainable economic growth.
The Society emphasized that Africa is not short of talent, innovation, or entrepreneurial drive but struggles to convert these strengths into meaningful improvements in citizens’ daily lives.
Speaking at a press briefing in Abuja, NES President, Adeola Adenikinju, noted that the continent’s external socio-economic landscape remains fragile, weighed down by persistent global trade disputes and geopolitical disruptions.
He further explained that although forecasts from various institutions point to some level of economic growth for Nigeria and Africa, such growth is still inadequate to significantly uplift living standards, with about one in three Africans still living below the poverty line.
Adenikinju noted that available data indicate the region is on course to experience substantial economic growth in the coming years.
However, he stressed that true economic and social progress cannot be achieved by macroeconomic stability alone.
According to him, meaningful prosperity depends on transforming key sectors such as agriculture, trade, and energy, alongside building well-structured social protection systems.
“When these two elements are pursued together, they create realistic and ambitious pathways toward shared economic and social advancement,” he explained.
He emphasized that Africa is rich in talent, creativity, and entrepreneurial spirit. The core problem, he said, is not a lack of sound policies but the inability to consistently translate them into visible improvements in the quality of life for citizens.
The NES President further revealed that the Society’s 66th annual conference, slated for September 8 to 11, 2025, will focus on identifying practical strategies for driving economic transformation and social inclusion, while taking into account the evolving global environment influencing the region’s development.
He explained that the theme of the conference, “Rethinking Africa’s Development,” underscores the need to move away from a model reliant on unstable commodity cycles and external aid, toward one rooted in investment, economic diversification, and strong institutions that deliver results.
According to him, this vision calls for regional integration to be treated not just as a diplomatic initiative but as a practical tool for lowering business costs and broadening consumer options. It also demands the courage to implement difficult reforms while showing humility by safeguarding the most vulnerable during the period it takes for such reforms to produce lasting benefits.
He added that the conference will provide well-grounded insights and actionable guidance for policymakers, academics, and practitioners.
The final communique, he said, will directly address critical issues of the time: securing macroeconomic stability, fostering diversification and competitiveness, strengthening resilience against shocks, and ensuring that economic growth leads to inclusive and broadly shared prosperity.
