By Atlantic Reports

Economic and financial experts at the University of Ibadan have urged Nigeria to respond to global disruptions with policies that strengthen production, create jobs and improve living conditions, rather than relying on higher oil earnings and external reserves.

They spoke on Monday at the opening of the maiden International Conference on Economics, Finance and Business, organised by the university’s Faculty of Economics and Management Sciences.

Held under the theme “Navigating Global Economics and Financial Disruptions”, the conference examined how geopolitical tensions, changing trade rules, debt, technology and climate pressures were reshaping economic opportunities.

Two economic realities

Faculty Dean Prof. Akanni Lawanson said the conference was intended to place the faculty at the centre of national economic debate and connect research with practical policy choices.

He argued that global shocks could produce conflicting effects for Nigeria. Higher oil prices could strengthen export earnings and reserves while increasing fuel and fertiliser costs for traders and farmers.

Lawanson said reforms introduced since May 2023, including petrol subsidy removal and foreign exchange changes, needed to deliver more than economic survival.

He also stressed that a falling inflation rate did not mean prices were falling. Households could continue facing rising costs even as the pace of increases slowed.

“The market woman does not eat reserves,” he said.

Keynote speaker Prof. Adeola Adenikinju, a former President of the Nigerian Economics Society, similarly described a divide between improving macroeconomic indicators and continuing household hardship.

He identified dependence on crude oil exports, limited electricity access, informal employment and weak agricultural performance as obstacles to broadly shared growth.

The speakers cited figures on reserves, growth, inflation, debt and poverty. However, the supplied account included differing reserve totals and did not consistently identify the sources, dates or poverty measures used, limiting direct comparison.

A competitiveness compact

Adenikinju proposed a Nigeria Competitiveness Compact combining economic stability with investment in power, logistics, skills and productive enterprises.

His recommendations included a rule for managing oil windfalls, greater processing of agricultural and mineral products, financing for production and stronger use of the African Continental Free Trade Area (AfCFTA) to expand exports.

Drawing lessons from South Korea, Indonesia, Malaysia, Botswana and Mauritius, he said Nigeria should save windfall earnings, improve agriculture and connect business support to measurable productive outcomes.

The proposal places emphasis on the conditions businesses need to compete: dependable electricity, efficient transport, skilled workers and access to finance and markets.

Building capacity for a changing world

A second keynote speaker, Dr Afolabi Olowookere, identified as the IMF Alternate Executive Director for West Africa, said six forces were reshaping the global economy: geopolitics, changing trade rules, artificial intelligence, the energy transition, high debt and climate pressures.

He argued that their interconnected effects required a coordinated response.

Olowookere outlined six capabilities Africa needed to develop: macroeconomic stability, credible institutions, power and logistics, skills and technology, regional market scale and patient finance.

He urged investment in artificial intelligence applications that addressed local challenges in agriculture, healthcare, education and tax administration.

He also called for reliable electricity, compatible payment systems and standards, effective implementation of AfCFTA and more diversified funding sources.

Research must inform policy

Oyo State Secretary to the Government Prof. Musibau Babatunde said infrastructure investment should be linked to productivity, alongside security that allowed farmers to cultivate and protect their crops.

Declaring the conference open, UI Vice-Chancellor Prof. Kayode Adebowale urged universities to translate research into policy briefs and practical tools for decision-makers.

The conference’s central argument was that external shocks need not leave Nigeria merely responding to events. Turning them into opportunities, however, will require clear implementation priorities and evidence that investment is improving production, employment and household incomes.

Atlantic Reports: Voices. People. Facts.