Economists have called on the Federal Government to prioritise innovation, technological advancement and human capital development to address Nigeria’s production challenges and stimulate economic growth.
They made the call at the maiden international conference of the Nigerian Economic Society (NES), Osun State Chapter, held at Osun State University, Osogbo, with the theme, “Economics of Innovation, Digital Transformation and Entrepreneurship.”
Delivering a lecture titled “Understanding Economics of Innovation in a Digital Era,” Professor John Adeoti said Nigeria’s economic challenges were largely production-related, noting that the country had yet to fully harness the benefits of technology in its productive sectors.
Adeoti said, “The challenge of Nigeria’s economy is production in nature because Nigeria has not harnessed the advantages of technology in production.”
He argued that addressing production and energy challenges would help reduce inflation, stressing that economic policies must focus more on strengthening the country’s productive capacity.
The professor also called for a fundamental review of economics education in Nigerian universities and other tertiary institutions, urging the introduction of compulsory courses on innovation, technology and economic growth.
According to him, economists in Nigeria must be better equipped to adapt to technological changes rather than concentrate predominantly on conventional approaches to macroeconomic and microeconomic stability.
He noted that although macroeconomic stability remained important, addressing the microeconomic factors influencing production was equally essential to achieving sustainable economic development.
Adeoti also described innovation as a major driver of economic progress, explaining that the digital economy rewards adaptability and the ability to respond to changing technological realities.
He said artificial intelligence, despite its growing capabilities, could not replace the human brain, adding that its applications had limitations.
“AI is man-made and cannot replace the human brain. Its capacity is limited. There is so much it can do and so much it cannot do,” he said.
Earlier, the Chairman of the NES Osun State Chapter, Professor Adeleke Aremo, said the conference was organised to examine the economic implications of innovation, digital transformation and entrepreneurship, particularly for developing economies such as Nigeria.
Aremo said emerging technologies, including artificial intelligence, financial technology, automation, robotics and big data, were changing the ways goods and services were produced, distributed and consumed.
He described innovation and technological advancement as critical determinants of economic growth, competitiveness and sustainable development.
According to him, “The competitiveness of modern economies has therefore become increasingly dependent on their ability to generate new ideas, translate such ideas into productive activities and create an enabling environment for entrepreneurship.”
Aremo said Nigeria could benefit from digital transformation through increased productivity, employment generation, financial inclusion, economic diversification and improved service delivery.
However, he identified inadequate digital infrastructure, unreliable electricity supply, limited internet access, cybersecurity concerns and low digital literacy as major obstacles to the country’s digital development.
He also warned against the possibility of digital transformation widening existing inequalities, calling for improved access to digital infrastructure, skills and opportunities for women, young people and rural communities.
The NES chairman further urged universities, research institutions and private sector organisations to strengthen research and development and ensure that academic discoveries translated into practical solutions.
“Research findings should not remain confined to the corridors of academic journals and conference proceedings. They should increasingly translate into products, services and technologies that address real economic problems,” he said.
Aremo also appealed for the inclusion of the NES Osun State Chapter in the state’s economic policy-making structures, particularly through representation on the Osun State Economic Council.
He said the society had experienced economists and academics whose expertise could contribute to policy formulation and the state’s development.
In his remarks, the Chairman of the Local Organising Committee, Professor R. S. Dauda, said the maiden conference was conceived as a platform for sustained intellectual engagement and evidence-based policy discussions on Nigeria’s economic development.
Dauda disclosed that the two-day conference would feature about 40 peer-reviewed academic papers across eight thematic tracks, alongside two roundtable discussions focusing on the climate and digital economy, as well as strategies for agricultural transformation.
He said the conference was designed to bridge the gap between academic research and practical policy development by bringing together scholars, policymakers, technology entrepreneurs and industrial leaders.
Dauda urged participants to actively engage in the sessions and discussions, expressing hope that the deliberations would generate practical policy recommendations for Osun State and Nigeria.
