Scholars seek govt’s adoption of research findings to address economic challenges

University scholars and financial experts have called on governments at all levels to adopt and implement solutions put forward by them towards finding solutions to the nation’s economic challenges.

They argued that leaders in the country should be willing to demonstrate their political will in deploying the research findings conducted by economists and scholars for a more productive economy.

They spoke during the induction of associate and full members into the Nigeria Economic Society (NES) from the department of Economics at the Bamidele Olumilua University of Education, Science and Technology, Ikere-Ekiti (BOUESTI).

At the ceremony, economics graduates and lecturers of the university, including the Vice Chancellor, Professor Olufemi Adeoluwa were inducted into the society.

The national president of NES, Professor Adeola Adenikinju congratulated the new inductees for their commitment, assuring them that they would be accorded the necessary privileges as members.

Represented by the zonal coordinator and NES chairperson, Dr Fadiran , the president urged the new members to deploy their expertise and knowledge towards the economic development of the country.

He noted that the place of economics in the overall dealings of the human endeavor cannot be overemphasized, saying, “Economics is not just a field of study; it is the backbone of societal progress and development.”

According to him, “ As emerging economists, you hold the key to unlocking the potential of our economy, Nigeria and Africa. Your insights and innovations will help shape policies, drive growth, and create opportunities for millions of Nigerians and Africans.

“ At its core, economics is about making choices in the face of scarcity. It equips us with the tools to allocate resources efficiently and make informed decisions that can lead to sustainable growth and development.

“Understanding economics allows us to tackle pressing issues such as poverty, unemployment, inflation, and inequality. Moreover, economics is integral to the formulation of public policy.”

Speaking , the head of Economics department in BOUESTI and secretary of NES in Ekiti, Dr Folorunsho Obasuyi congratulated the graduating students for their steadfastness and dedication towards a successful career.

On the role of economists in nation-building, Obasuyi appealed to government and policymakers to embrace the recommendations made for the country to survive the current economic challenges.

Obasuyi said, “ However, despite our relentless efforts in research and policy recommendations, Nigeria still grapples with economic challenges. The truth must be told the problem is not with the economists, but with poor implementation of research findings.

“If Nigeria is to move forward, policymakers must harvest knowledge from universities and utilize it effectively.

“ We call upon our leaders to listen to scholars, to leverage research insights, and to embrace sustainable policies that empower small-scale industrialists, technocrats, and innovators, the real drivers of economic transformation. Nigeria does not lack solutions; it lacks the political will to implement them.”

On his part, the VC of BOUESTI, Professor Adeoluwa challenged the scholars to move beyond the theory and come up with actionable solutions for the country to prosper economically, saying,” there is no way the society can grow without a strong economy.”

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