Abuja: The Vice-Chancellor of the African School of Economics, Prof. Mahfouz Adedimeji, has forecasted that the economic reforms introduced by the Federal Government will soon begin to produce favorable outcomes. Speaking at the school’s second edition of its Public Lecture in Abuja, Adedimeji expressed optimism that these reforms would soon have a multiplier effect on the economy.
According to News Agency of Nigeria, Adedimeji remarked that indicators such as the currency’s increased value against the dollar and a reduction in fuel prices are positive signs. He emphasized the hope that these improvements will extend to other sectors of the economy. “The optics are good as they stand, and one has every reason to be confident that Nigeria’s economy will pick up as a result of the reforms the Federal Government has put in place,” he noted.
Adedimeji explained that the lecture was organized to draw insights from global experiences to advance Nigeria’s economy. He highlighted the fundamental economic challenges people face, such as food, clothing, and shelter, and stressed the need for discourse on addressing these issues. The event featured an Irish economist who shared insights on tackling economic challenges.
Susan HayesCulleton from Ulster University, Northern Ireland, delivered a lecture titled ‘Economic Growth Models: The Ireland Experience’. She urged Nigeria to enhance its entrepreneurial capacity to foster economic growth and suggested that improvements in business efficiency could make Nigerian enterprises more sustainable. HayesCulleton emphasized the importance of partnerships in adapting to a changing environment and building international relationships.
She highlighted the potential for Nigeria to leverage its large population and collaborate with Ireland for mutual benefit. HayesCulleton also stressed the importance of embracing Artificial Intelligence (AI) to enhance various business ventures, including website development and e-commerce.
Furthermore, she encouraged Nigeria to focus on developing sustainable energy sources to power AI operations and upskilling its workforce to manage AI effectively. HayesCulleton pointed out the dual challenge of energy consumption and workforce productivity in relation to AI, emphasizing the need for strategic and ethical integration of AI into businesses. She concluded by advocating for aligning technological advancements with workforce productivity to benefit society as a whole.