Baba Yusuf Musa
It is with a profound sense of humility, immense gratitude, and an unwavering belief in our collective potential that I stand before you today. I am deeply honored to accept to lead the Nigerian Economic Society, a body of intellectual giants and patriots who have, for decades, dedicated their minds to the service of our nation.
I would like to begin by extending my heartfelt thanks to my predecessor, Professor Adeola Adenikinju, whose vision and dedication have guided this society through a period of immense change. To the council members and every member of the Society who placed their trust in me, I say a big thank you. This is not my win alone; it is a victory for every single one of us who believes in a future where the NES is positioned to lead the development of economic policy for our country, guided by data, driven by knowledge, and shaped by the needs of our people.
I consider my election as a powerful statement from our members, a clear signal that we are ready to bridge the gap between academic theory and real-world economic practice. While our roots remain firmly in scholarly research, this decision demonstrates our commitment to leveraging the insights and experiences of the industry. I am deeply humbled by this trust and believe that a blend of academic rigor and industry application is precisely what our Society needs to redefine its role in the national policy discourse.
The path ahead is challenging, as our nation stands at a critical crossroads. While we have witnessed a gradual recovery after years of turbulence, citizens continue to face hardship. Recent reports from the Central Bank of Nigeria’s purchasing manager’s index (PMI) indicate sustained expansion in economic activity for eight consecutive months, with 26 of 36 subsectors recording growth, alongside improvements in liquidity and external reserves. Yet, inflation remains elevated, food insecurity and poverty persist, and the urgent tasks of job creation and diversification cannot be ignored.
As the IMF notes, the government must raise growth while adapting to global headwinds. In these times, the voice of the economist, grounded in research and committed to truth, becomes not just important, but essential. Our Society is the compass our nation needs to navigate these turbulent waters.
My vision for the next two years is not merely about managing the society and building on the progress made by my predecessor; it is about transforming it into an indispensable institution at the very heart of Nigeria’s economic discourse and development. I believe that to truly consolidate the gains of the last two years, we must build the capacity and structures necessary to become the nation’s premier think tank, a hub of intellectual excellence, a source of credible data, and the go-to partner for sustainable policy solutions. This is the mission we embark on today.
To achieve this, we must first look inwards and chart a clear course. As economists, we understand a fundamental truth that has been painfully demonstrated in our nation’s history: without a well-defined NES development plan, progress is often fragmented, and potential remains largely untapped. As a society of economic thought leaders, it would be a grave oversight to navigate our own future without a strategic roadmap. Therefore, in the coming months, we will embark on a collaborative process to develop a new Strategic Plan for the Nigerian Economic Society. This plan will not be crafted in a vacuum. It will be a collective effort, welcoming the invaluable input of our members, the wisdom of the College of Fellows and Past Presidents, and the dedication of our council members. This document will serve as our guide, a compass to reposition us, define our future trajectory, and ensure that our actions are deliberate, impactful, and aligned with our shared vision.
This vision will be anchored on four core pillars, forming the bedrock of our work:
Pillar 1: Reclaiming Our Voice: Evidence-Based Policy Advocacy. For too long, the link between academic economic research and real-world policy formulation has been tenuous. Our first pillar is to bridge this chasm. We will establish a new Policy Advocacy and Engagement Committee that will be the bridge between our members’ research and the corridors of power.
This committee will be tasked with:
•Quarterly Policy Briefs: We will publish concise, timely, and data-driven policy briefs on key national economic issues. These briefs will not be theoretical; they will offer clear, actionable recommendations for policymakers in government and the private sector.
• Structured Dialogue: We will initiate a series of high-level roundtables with key government ministries, agencies, and legislative bodies. These meetings will move beyond one-off events to become a sustained, structured dialogue where we can present our research and collaborate on solutions.
•State-Level Impact: Our work must not be confined to the federal capital. We will empower and support our state chapters to engage directly with their State Governments, providing expertise on state-specific economic challenges and helping to develop tailored solutions that can drive growth from the grassroots up. In areas where capacity is lacking, the Society shall deploy expertise from around the country and the diaspora to work with and build the capacity of local chapters in addressing state-specific challenges.
Pillar 2: Investing for Tomorrow – Youth and Capacity Building
The future of Nigeria’s economy rests on the shoulders of our young people. My second pillar is a total commitment to building the next generation of economic leaders. We will transform our society into a launchpad for young talent through the following initiatives:
• The NextGen Economists Programme: We will launch a flagship mentorship programme that pairs experienced members of the Society with aspiring young economists. This programme will be more than just guidance; it will be encouragement to students in our universities to have a functioning NESA, offering networking opportunities and practical project-based learning.
• National Economic Debating Championship: We will partner with universities and colleges to host an annual nationwide debating championship. This initiative will not only foster healthy intellectual competition but also encourage young minds to engage critically with Nigeria’s most pressing economic challenges.
•Digital Learning Hub: We will work towards establishing a comprehensive digital platform o ering courses on data analytics, econometric modeling, and economic policy writing. This platform will democratize access to critical skills, ensuring that every young Nigerian with a passion for economics can develop their potential, regardless of their location or background.
Pillar 3: The Data Revolution – Driving Research and Innovation
In a world increasingly driven by data, the Nigerian Economic Society must be at the forefront of the data revolution. Our third pillar is to foster a culture of innovative, rigorous, and relevant economic research. We will:
• Establish a National Economic Data Portal: We will collaborate with relevant government agencies, the National Bureau of Statistics, the Central Bank of Nigeria and our international partners to have a link to the centralized databases of these institutions. This will enable our economists to access up to-date economic data, empowering researchers, policymakers, and journalists with the information they need to make informed decisions.
* The Annual Economic Research Grant: We will inaugurate a new annual grant programme to fund cutting-edge research on topics of national importance, such as technology and economic diversification, the circular economy, and the future of work in Nigeria. This grant will encourage our members to produce world-class research that addresses real-world problems.
• The Nigeria Journal of Economic and Social Studies Reboot: We will modernize and digitize our o icial journal, ensuring it meets the highest international standards for academic publication. We will make it more accessible and visible, transforming it into a leading global platform for African economic thought.
Pillar 4: A Collective Endeavor – Fostering Partnerships and Collaboration and Completing the NES Building.
Our strength lies in our ability to work together. No single individual or institution can solve Nigeria’s economic challenges alone. My fourth pillar is to build strong, strategic partnerships that amplify our impact and extend our reach. We will:
• Forge Alliances: We will actively seek out partnerships with international organizations, multilateral institutions, economists in diaspora, and global think tanks. These collaborations will provide us with access to international best practices, a wider network, and opportunities to showcase Nigerian economic thought on the global stage.
• Engage the Private Sector: We will work closely with the private sector, leveraging their expertise and resources to drive innovation and create jobs.
Our insights will help businesses make better decisions, and their data will enrich our research.
• Engagement with the media on economic and financial reporting: Our knowledge must not be confined to academic circles. We must support the government to disseminate policies with sound practice. We need to support the government to train the media to report accurately so that the public will be well-informed. We will simplify complex economic issues, empower our citizens with knowledge, and build a more economically literate society.
• The ongoing construction of our new headquarters in Abuja is more than just a building; it is a testament to our collective vision and enduring legacy. This is not just a physical structure; it is the foundation for future generations of Nigerian economists.
A Call to Action
My fellow members, this is not just a plan; it is a promise. It is a promise to you, to our nation, and to future generations. But a vision, no matter how grand, remains an illusion without the commitment and active participation of every single one of us.
I ask for your hands; I ask for your minds; and I ask for your collective passion. This is our moment to rise to the occasion, to move beyond the comfort of our research papers into the arena of national impact. Let us work together to ensure that the Nigerian Economic Society is not just a society of economists but a society of builders, of innovators, and of patriots.
Let us be the voice of reason in a time of uncertainty. Let us be the source of light in a time of darkness. Let us be the architects of a new Nigeria, built on the foundations of knowledge, integrity, and shared prosperity.
Thank you. God bless you, God bless the Nigerian Economic Society, and God bless the Federal Republic of Nigeria.
Dr. Musa, the Director General of the West African Institute for Financial and Economic Management (WAIFEM), delivered this acceptance speech on his election as the 45th President, of the Nigerian Economic Society.
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