The recently held international conference of National Association of Macroeconomic Modellers NAMM offered a myriad of ideas on the best possible way to revive Nigerian economy as experts, policymakers, academicians and other stakeholders renewed the call for evidence-based research and data-driven policy making as only effective way of resuscitating Nigerian economy.
The call for evidence-based policy making was made known at the recently concluded 2-day conference of National Association of Macroeconomic Modellers which began on Wednesday 27th-28th of November, 2024.
The conference has the theme: ‘’Macroeconomic Modelling and Data Science for Economic Development’’.
In his opening speech, the President of NAMM, Prof. Philip Alege, said employing advanced analytical tools was key in understanding and resolving the Nigerian economic situation and that there is need for collaboration between researchers and government parastatals to be able to make effective policies for socioeconomic development of Nigeria.
The chairman of the occasion, Prof. Akin Iwayemi, affirmed that data and models are integral part of socioeconomic development and that concerted efforts must be made by all policymakers to ensure that every decision made is supported with evidence-based research.
Consequently, the Federal Government has vowed to prioritize evidence based research and data-driven policies to unlock economic potentials of Nigeria.
The Federal Government disclosed this through the Minister of Budget and Planning, Atiku Bagudu who was represented by the Chief Planning Officer, Macroeconomic Analysis Department, Federal Ministry of Budget and Economic Planning, Mrs. Ijeoma Ofiah.
The minister, who was one of the guest speakers, said the federal government recognised the importance of reliable and timely data, flexibility in models, and close collaboration with stakeholders.
Bagudu said the government was committed to addressing the challenges hindering the optimal application of reliable models, including limited data quality, technical capacity gaps, and funding constraints.
The minister said: ‘’We’re also leveraging the Integrated Planning and Reporting Toolkit (IPRT) to align our national development plans with the Sustainable Development Goals and Agenda 2063. The Medium-Term Fiscal Framework (MTFF) remains a cornerstone of our fiscal management strategy, prioritizing fiscal sustainability and discipline.
‘’As we move forward, we recognise the importance of reliable and timely data, flexibility in our models, and close collaboration with stakeholders. We are committed to addressing the challenges hindering the optimal application of reliable models, including limited data quality, technical capacity gaps, and funding constraints.
‘’In conclusion, the effective application of economic models is crucial to evidence-based policy-making. By harnessing the power of these tools and fostering strong collaborations, we can unlock Nigeria’s full economic potential’’.
Other scholars and experts present stressed the need for adequate funding for evidence based research and the development of data driven policies to rescue Nigeria’s economy from doldrums.
Among those who graced the conference were the Statistian-General of the Federation, Prince Adeyemi Adeniran, who was represented by Dr. Ayo Anthony; Prof. Chris Kalu of Nnamidi Azikiwe University, Prof. Afees Salisu of the Centre for Econometrics and Applied Research [CEAR], President of Nigerian Economic Society NES, Professor Adeola Adenikinju, Dr. Seedwell Hove of the African Development Bank, Dr. Princess Nwankwo of the Centre for Petroleum, Energy Economics and Law of UI, Prof. Olusanya Olubusoye and a host of others.
The conference was concluded yesterday after a technical paper presentation by researchers followed by a vote of thanks by the Vice President of NAMM, Professor Olusanya Olubusoye.