Wale Edun, Nigeria’s Finance Minister and Coordinating Minister of the Economy, clarified that the government never promised an immediate “silver bullet” for the country’s economic challenges. This statement was made during the opening of the 65th annual Nigeria Economic Society (NES) conference in Abuja on Tuesday. The conference, themed “Social Economic Development in Nigeria: Implications, Imperatives and Impacts,” saw a wide array of attendees, including government officials, economists, industry leaders, academics, and students from across the country.
Speaking through Grace Ogbonna, Director of Economic Research and Policy Management, Edun acknowledged the severe economic difficulties currently faced by Nigeria, attributing them to years of ineffective leadership. He highlighted that the government’s tough decisions, such as removing fuel subsidies, aim to address these issues and strengthen the economy.
Edun identified several key economic challenges, including a lack of production and diversification, price instability, high inflation, currency depreciation, energy issues, and debt management. He assured that the government is actively working to improve economic conditions by creating jobs, supporting Small and Medium Enterprises (SMEs), and enhancing overall economic indicators.
National Planning Minister Atiku Bagudu, represented by Vitalis Obi, Permanent Secretary in the Ministry, emphasized the significance of the conference. Bagudu noted that the NES has played a crucial role in guiding economic policy and that the government would carefully consider the outcomes of the three-day event.
NES President Prof. Adeola Adenikinju, in his welcome address, expressed concern over the government’s failure to utilize the expertise of NES in policy-making. He called for greater inclusion of NES in economic discussions and affirmed the organization’s commitment to supporting government efforts with valuable insights for economic growth and development.
The conference is expected to produce recommendations that, if implemented, could lead to significant economic improvements benefiting all Nigerians.
