AfDB, Leaders Push for Governance Reforms and Regional Integration at Nigerian Economic Society Conference
African leaders, economists, and development partners have renewed calls for sweeping reforms in governance, regional integration, and inclusive growth as pathways to Africa’s transformation. The call came at the 66th Annual Conference of the Nigerian Economic Society (NES), which opened on Tuesday in Abuja with over 2,500 delegates from 22 countries in attendance.
Nigeria’s Vice President, Kashim Shettima, set the tone by stressing that Africa’s youthful population — with Nigeria’s median age at just 16.9 years — could either fuel prosperity or deepen poverty depending on the continent’s policy choices.
Citing India’s $100 billion outsourcing industry compared to Nigeria’s peak oil earnings of $25 billion in 2011, Shettima urged African economies to diversify into knowledge-driven sectors.
“Africa’s 1.5 billion people should represent a formidable economic force, yet the continent accounts for just 16 percent of global trade,” he said. “We slept through the first three industrial revolutions. Now in the fourth, Africa stands at a crossroads.”
Shettima also outlined Nigeria’s current reform drive — including fuel subsidy removal, exchange rate unification, and tax reforms — acknowledging the pain of inflation and high living costs but emphasizing restored investor confidence.
“These are tough times, but the recovery will be permanent,” he noted, crediting President Bola Ahmed Tinubu’s administration with tackling long-ignored structural weaknesses.
Nigeria’s Minister of Budget and Economic Planning, Abubakar Atiku Bagudu, highlighted the financing gap across Africa, noting that some individual European and Asian countries operate larger debt markets than the continent combined. He stressed the need for greater access to capital and bold investments in infrastructure and social inclusion.
“Our experience over the past two years shows that bold, even risky, reforms are necessary,” Bagudu 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.”
Representing the African Development Bank (AfDB), Eric Ogunleye, Director of the African Development Institute, reaffirmed the Bank’s commitment to supporting Africa’s development agenda. He cited initiatives such as the Strategic Framework on Key Actions to Achieve Inclusive Growth and Sustainable Development, the Public Service Delivery Index, and specialized training academies in public finance and macroeconomic policy management.
“These tools are available at no cost to member countries and are designed to accelerate structural transformation and inclusive growth,” Ogunleye told delegates.
In a plenary session on governance, Ogunleye emphasized that effective governance is an economic necessity. “Governance is not just an end in itself; it is an economic imperative. Where governance is weak — overly centralized, fragmented, or reactive — countries fail to respond effectively to shocks,” he said.
Other experts underscored the urgency of regional integration to unlock Africa’s potential. Professor Wale Ogunkola of the University of Ibadan stressed that the African Continental Free Trade Area (AfCFTA) must move beyond tariff reduction to build value chains, strengthen infrastructure, and integrate services into manufacturing.
“If you don’t produce, what are you going to trade?” he asked, urging stronger private sector participation in Africa’s integration agenda.
