African Leaders Urge Bold Reforms for Growth at Nigerian Economic Society Summit

African leaders, economists, and development partners have called for urgent reforms to strengthen governance, deepen regional integration, and accelerate inclusive growth, as the Nigerian Economic Society (NES) opened its 66th Annual Conference in Abuja. The high-level gathering, which began on 10 September 2025, has brought together more than 2,500 delegates from 22 African countries, including policymakers, academics, and international organizations.

Africa at a Crossroads

In his opening address, Nigeria’s Vice President Kashim Shettima highlighted both the risks and opportunities of Africa’s demographic reality. With an average age of 16.9 years, Nigeria’s youthful population could drive prosperity—or deepen poverty—depending on how governments respond with policies on jobs, education, and innovation.

“Africa’s 1.5 billion people should represent a formidable economic force, yet the continent accounts for just 16 percent of global trade,” Shettima said. “We slept through the first three industrial revolutions. Now in the fourth, Africa stands at a crossroads.”

The Vice President drew comparisons between India’s $100 billion outsourcing industry and Nigeria’s peak oil revenues of just $25 billion in 2011, urging a decisive shift toward knowledge-based sectors and digital industries to ensure long-term competitiveness.

Reforming Nigeria’s Economy Amid Global Pressures

Shettima acknowledged the hardships of recent reforms introduced by President Bola Ahmed Tinubu’s administration, including the removal of fuel subsidies, exchange rate unification, and tax reforms. While these measures have contributed to inflation and higher living costs, he stressed they were essential for restoring investor confidence and tackling structural weaknesses that had been ignored for decades.

“These are tough times, but the recovery will be permanent,” he assured delegates.

Financing and Social Inclusion

Nigeria’s Minister of Budget and Economic Planning, Abubakar Atiku Bagudu, pointed out that Africa still lags behind other regions in terms of access to capital. He noted that some individual countries in Europe and Asia manage debt markets larger than Africa’s combined, highlighting the urgent need to strengthen financing mechanisms.

“Our experience over the past two years shows that bold, even risky, reforms are necessary,” he said. “To reach Nigeria’s goal of a $1 trillion economy by 2030, and to lift Africa as a whole, we must embrace paradigm-shifting policies at all levels.”

Bagudu emphasized that financing reforms must go hand in hand with investments in social inclusion, infrastructure, and human capital, ensuring that economic transformation benefits all Africans.

AfDB’s Commitment to Inclusive Growth

The African Development Bank (AfDB), represented by Eric Ogunleye, Director of the African Development Institute, reaffirmed its commitment to supporting Africa’s development agenda. He cited key initiatives including:

• The Strategic Framework on Key Actions to Achieve Inclusive Growth and Sustainable Development

• The Public Service Delivery Index

• The Public Finance Management Academy for Africa

• The Macroeconomic Policy Management Academy for Africa

“These tools are available at no cost to member countries and are designed to accelerate structural transformation and inclusive growth,” Ogunleye said.

Speaking later in a plenary on governance, Ogunleye stressed that leadership and accountability remain decisive factors in Africa’s development. “Governance is not just an end in itself; it is an economic imperative,” he said. “Where governance is weak—whether overly centralized, fragmented, or reactive—countries fail to respond effectively to shocks.”

Integration as the Key to Transformation

Other experts underscored the centrality of regional integration. Wale Ogunkola of the University of Ibadan stressed that the African Continental Free Trade Area (AfCFTA) must go beyond tariff reduction, pushing deeper into value chain development, infrastructure expansion, and the integration of services into manufacturing.

“If you don’t produce, what are you going to trade?” he asked, calling for greater private sector involvement to unlock Africa’s potential in industries ranging from agriculture and manufacturing to digital services.

Navigating a Challenging Global Landscape

The conference theme, “Rethinking Africa’s Development: Pathways to Economic Transformation and Social Inclusion in a Changing Global Economic Landscape,” reflects the continent’s structural vulnerabilities. These include exposure to climate change, geopolitical tensions, debt crises, and demographic pressures.

By addressing governance deficits, diversifying economies, and strengthening cooperation across borders, delegates agreed Africa can seize the opportunities of the Fourth Industrial Revolution while ensuring growth is inclusive and resilient.

Looking Ahead

The 66th NES conference serves as a platform to craft solutions that balance immediate economic recovery with long-term transformation. With Africa’s population expected to double by 2050, leaders warned that the cost of inaction is too high. Bold reforms—backed by innovation, regional integration, and international partnerships—will determine whether Africa becomes a global growth hub or remains vulnerable to recurring crises.