Abuja: African leaders, experts, the African Development Bank (AfDB), and development partners have called for urgent reforms to strengthen governance, deepen regional integration, and drive inclusive growth across the continent. Opening the Nigerian Economic Society’s (NES) 66th Annual Conference in Abuja, Nigeria’s Vice President Kashim Shettima emphasized the potential of Nigeria’s youthful population, with an average age of 16.9 years, to either drive prosperity or deepen poverty depending on policy choices.
According to African Press Organization, the 2025 NES conference has attracted over 2,500 delegates from 22 African countries, including economists, policymakers, academics, and international partners. The discussions are centered on structural vulnerabilities amid global disruptions, such as climate change, geopolitical tensions, debt sustainability, and demographic pressures. Vice President Shettima discussed the Nigerian government’s removal of fuel subsidies, exchange rate unification, and tax reforms, acknowledging the challenges of inflation and high living costs but emphasizing the return of investor confidence.
Nigeria’s Minister of Budget and Economic Planning, Abubakar Atiku Bagudu, highlighted the continent’s financing challenges, noting that individual countries in Europe and Asia have larger debt markets than Africa as a whole. He called for greater access to capital and increased investment in social inclusion and infrastructure. Bagudu stated that bold and risky reforms are necessary to achieve Nigeria’s goal of a $1 trillion economy by 2030 and to uplift Africa as a whole.
In a goodwill message at the event’s opening session, Eric Ogunleye, Director of the African Development Institute at the African Development Bank, reaffirmed the AfDB’s commitment to supporting Africa’s broader development agenda. He highlighted initiatives such as the Strategic Framework on Key Actions to Achieve Inclusive Growth and Sustainable Development, the Public Service Delivery Index, and specialized training platforms, including the Public Finance Management Academy for Africa and the Macroeconomic Policy Management Academy for Africa.
During a plenary panel session on “Rethinking Governance Models in Africa for Sustainable Economic Growth,” Ogunleye stated that governance and leadership are crucial in distinguishing successful economies from struggling ones. He emphasized that governance is an economic imperative, and where it is weak or reactive, countries fail to respond effectively to shocks.
Other panelists emphasized that Africa’s transformation depends on deeper regional integration. Wale Ogunkola of the University of Ibadan argued that the African Continental Free Trade Area must extend beyond tariff reduction to build value chains, enhance infrastructure, and integrate services into manufacturing, calling for stronger private sector involvement.