Nigeria’s economic struggles are not unfamiliar to any observer of the nation’s recent history. The country, rich in resources yet consistently burdened by crises, faces a perpetual cycle of economic missteps, half-hearted policy implementations, and structural inefficiencies. As a former student of the Department of Economics at Ahmadu Bello University (ABU), where I was privileged to learn from some of Nigeria’s most brilliant economists—Professors Mike Kwanashie, Abdul-Ganiyu Garba, and M.C. Duru—I often find myself reflecting on the profound lessons taught to us decades ago. Their intellectual rigor, tempered by a deep understanding of Nigeria’s socio-cultural context, continues to shape my perspective on the country’s economic challenges.
The 3rd International Conference on Economic Resilience, held by the ABU Economics Department on November 5, 2024, presented an opportunity to revisit some of the central issues these scholars taught us to analyze with both intellectual honesty and practical wisdom. The theme of the conference—”Navigating Economic Resilience in Nigeria: Strategies for Growth and Stability”—offered a timely reminder that while Nigeria’s economy has long struggled, there is still potential for meaningful transformation. But this potential can only be realized if the policies we craft truly reflect the needs and realities of our people.
The question of economic resilience—defined as the ability of an economy to withstand and recover from shocks—is at the core of Nigeria’s current predicament. Prof. Kwanashie, in his opening remarks, echoed a point that I remember well from my time at ABU: economics is not just a collection of formulas and graphs. It is about people. As he aptly put it, “Economics is not just about numbers; it’s about human lives.” This simple yet profound statement strikes at the heart of Nigeria’s economic conundrum. Too often, the economic policies put forward by the government are not grounded in the lived realities of ordinary Nigerians. As students of economics, we were taught by Prof. Kwanashie and his colleagues that true economic policy must consider the cultural, societal, and human factors at play. In a country where inequality, unemployment, and poverty are rampant, the focus of policy must be on improving the lives of the people, not simply meeting abstract macroeconomic targets.
This theme was reinforced by Prof. Abdul-Ganiyu Garba, whose keynote address centered on the ethical dimension of economic policy. He lamented the excessive focus on capitalism and profit at the expense of human welfare. Nigeria, like many other developing countries, has often pursued economic growth through policies that disproportionately benefit the elite while leaving the majority of the population to struggle. Prof. Garba’s reminder that “the human being must not be sacrificed for profit” is one that resonates deeply in the context of Nigeria’s economic experience. It is a critical reflection on how policies that may seem economically sound on paper—such as the removal of subsidies or tax hikes—fail to account for the very real suffering of the people they affect. In this regard, the ethical considerations of economic decision-making must be prioritized. We cannot afford to treat economic policy as an abstract pursuit of efficiency and growth while ignoring the social consequences for the most vulnerable.
These concerns were echoed by Dr. Baba Musa Yusuf, the Director-General of the West African Institute for Economic and Financial Management (WAIFEM), who discussed Nigeria’s failure to effectively harness its resources. Dr. Yusuf, like many others, emphasized that Nigeria’s economic potential remains largely untapped. Despite its vast natural resources, youthful population, and strategic geographic location, Nigeria continues to struggle with stagnation, inequality, and underdevelopment. He likened Nigeria’s situation to a sleeping giant—rich in resources yet unable to awaken to its true potential. This metaphor captures the essence of Nigeria’s economic crisis: the country has all the ingredients for success, but is unable to effectively cook the meal. The challenges are structural and deep-rooted, and no amount of short-term fixes will lead to long-term prosperity without addressing these foundational issues.
One area where Nigeria’s resilience has been tested time and time again is in its over-reliance on oil. As Dr. Yusuf pointed out, while other OPEC nations have managed to diversify their economies, Nigeria remains wedded to oil, vulnerable to the fluctuations in global oil prices. This dependence has stunted the growth of other sectors—agriculture, manufacturing, and technology—which could serve as the backbone of a more diversified and sustainable economy. The failure to diversify has left Nigeria at the mercy of global commodity markets, which are volatile and unpredictable. In this light, Dr. Yusuf’s call for diversification is not merely a suggestion—it is a necessity for Nigeria’s survival.
The disconnect between policy and implementation, another recurring theme in the conference, was addressed by Prof. Adeola Adenikinju, President of the Nigerian Economic Society. He highlighted the frequent gap between policy pronouncements and their real-world impact. For instance, while the government may announce an increase in the minimum wage, the actual economic conditions—rising inflation, high unemployment, and a lack of infrastructure—render such announcements ineffective. In Prof. Adenikinju’s words, “Policy is only as good as its execution.” The failure to properly implement policies has led to the perpetuation of Nigeria’s economic malaise. This observation struck a personal chord, as it echoed the lessons imparted by Prof. Kwanashie and his colleagues back in the day: that economic theory must be grounded in reality, and policies must be implemented with the constraints and conditions of the Nigerian context in mind.
An important aspect of any meaningful economic growth strategy is the proper management of Nigeria’s human capital. The country’s population, which is one of the youngest in the world, holds immense potential. Yet, this potential remains largely untapped due to the lack of quality education, adequate healthcare, and meaningful employment opportunities. To transform Nigeria into a truly resilient economy, a concerted effort must be made to invest in human capital development.
As the conference concluded, the discussions presented an important takeaway: Nigeria’s economic resilience is not just about weathering storms—it is about creating an economy that can adapt, evolve, and grow in the face of change. This requires not just policy adjustments, but a fundamental rethinking of how economic decisions are made. It is not enough to rely on the same strategies that have failed in the past. Instead, Nigeria must look inward, draw on its intellectual resources, and craft policies that reflect its unique circumstances.
