EXPERTS: How Nigeria Can Turn Global Economy Disruptions Into Prosperity
Economic and financial experts at the University of Ibadan have highlighted how Nigeria can turn global economic disruptions into shared prosperity
The experts spoke on Monday at the opening of a maiden International Conference on Economics, Finance and Business organised by the Faculty of Economics and Management Sciences, University of Ibadan (UI).
The conference held under the theme: “Navigating Global Economics and Financial Disruptions.”
Host and Dean of the Faculty, Prof. Akanni Lawanson, said the faculty deliberately organised the conference in order to move from the gallery to the centre of national economic debate.
Lawanson said global economic disruptions were no longer abstract, noting that the International Monetary Fund (IMF) had cut world growth to 3.0 per cent for 2026.
According to him, this is due to the current war in the Middle East, with oil price at 89 dollars per barrel and shipping through Strait of Hormuz disrupted.
He explained that while higher oil prices lift reserves to 55.05 billion dollars and helped Nigeria grow 4.43 per cent in Q2 2026, they also raised fuel and fertilizer costs for market women and farmers.
Lawanson listed reforms since May 2023 to include subsidy removal, forex unification, and MPR raised to 27.5 per cent, which now peaks at 23 per cent.
He said that bank recapitalisation and new tax laws survival were not enough, stressing that sacrifice must buy transformation.
Lawanson said inflation fell to 15.39 per cent in August but prices were still rising, with food inflation at 19.57 per cent.
He added that debt was currently N166.79trn and 63 per cent of Nigerians, about 140 million, were living in poverty, saying “the market woman does not eat reserves.”
Keynote Speaker, Prof. Adeola Adenikinju, former President, Nigerian Economics Society, said Nigeria was living two realities.
These, he explained, were macro healing with reserves at 55.25 billion dollars and household hurting with poverty rising from 56 per cent in 2023 to 63 per cent in 2025.
Adenikinju said Nigeria was vulnerable because 71 per cent of its exports was still crude oil, with over 80 million people lacking electricity, growth bypassing agriculture where the poor work, and most jobs informal.
He drew lessons from South Korea, Indonesia, Malaysia, Botswana and Mauritius, saying they saved windfalls, fixed agriculture first, tied support to exports and built power, clusters and skills.
He proposed a Nigeria Competitiveness Compact that would stabilise economy with oil windfall rule, fix power and logistics, add value to agriculture and minerals, build skills, deploy AI, finance production and use AfCFTA for exports.
Second keynote speaker, Dr Afolabi Olowookere, IMF Executive Director (Alternate) for West Africa, said disruption was now evident in Africa’s food, energy prices, debt service and employment.
Olowookere listed six forces rewiring the world to include geopolitics, changing trade rules, AI, energy transition, high debt and climate, noting they hit at the same time and must be tackled as a system.
He said Africa could convert disruption to opportunity only if it built six capabilities: macro stability, credible institutions, power and logistics, skills and technology, regional scale and patient finance.
Olowookere warned that Africa must avoid being merely a consumer of imported AI, urging investment in local problem-solving for agriculture, health, education and tax administration.
He said reliable power, implemented AfCFTA with interoperable payments and standards, and diversified funding beyond expensive 12 billion dollar Eurobonds were key to turning fragmented markets into continental scale.
Secretary to Oyo State Government, Prof. Musibau Babatunde, said the theme of the event was apt and solution lay in infrastructure linked to productivity and providing security for farmers and their crops.
Declaring the conference open, the Vice-Chancellor of the University, Prof. Kayode Adebowale, said geopolitical tensions, inflation and debt made the theme urgent.
He urged universities to shape policy tools, by translating research into policy briefs,.not just observe.
