ABUJA, Nigeria, September 13, 2025 (Chatnewstv.com) — African leaders and economists warned this week that the continent risks being left further behind unless governments act swiftly to strengthen governance, accelerate regional integration and embrace bold reforms to drive inclusive growth.
Opening the Nigerian Economic Society’s 66th Annual Conference in Abuja on Tuesday, Vice President Kashim Shettima said Nigeria’s youthful population — with an average age of 16.9 years — could either drive prosperity or deepen poverty depending on policy choices.
“Africa’s 1.5 billion people should represent a formidable economic force, yet the continent accounts for just 16 percent of global trade,” Shettima said.
“We slept through the first three industrial revolutions. Now in the fourth, Africa stands at a crossroads.”
The conference has drawn more than 2,500 delegates from 22 African countries, including policymakers, academics and international partners, who are focusing on structural vulnerabilities amid climate change, geopolitical tensions, debt burdens and demographic pressures.
Comparing India’s $100 billion outsourcing industry with Nigeria’s peak oil revenues of $25 billion in 2011, Shettima urged diversification into knowledge-based sectors. He defended the government’s removal of fuel subsidies, exchange rate unification and tax reforms, acknowledging the hardship of inflation and high living costs.
“These are tough times, but the recovery will be permanent,” he said, crediting President Bola Ahmed Tinubu’s administration with showing political will to confront long-ignored structural weaknesses.
Budget and Economic Planning Minister Abubakar Atiku Bagudu highlighted Africa’s financing challenges, noting that some countries in Europe and Asia have larger debt markets than the entire continent.
“Our experience over the past two years shows that bold, even risky, reforms are necessary,” Bagudu said.
“To reach Nigeria’s goal of a $1 trillion economy by 2030, and to lift Africa as a whole, we must embrace paradigm-shifting policies at all levels.”
Eric Ogunleye, Director of the African Development Institute at the African Development Bank, reaffirmed the bank’s support for Africa’s wider development agenda, pointing to tools such as the Public Service Delivery Index and specialized training platforms.
“These tools are available at no cost to member countries and are designed to accelerate structural transformation and inclusive growth,” Ogunleye told delegates.
In a plenary session, Ogunleye argued that governance and leadership remain decisive in separating successful economies from struggling ones.
“Governance is not just an end in itself; it is an economic imperative,” he said.
“Where governance is weak, whether overly centralized, fragmented, or reactive, countries fail to respond effectively to shocks.”
Other panelists stressed that Africa’s transformation depends on deeper regional integration. Wale Ogunkola of the University of Ibadan said the African Continental Free Trade Area must extend beyond tariff reduction to building value chains, boosting infrastructure and integrating services into manufacturing.
“If you don’t produce, what are you going to trade?” he asked, urging stronger private sector involvement.
