FG refining institutional capacity to unlock economic potential – Bagudu

The Federal Government, on Wednesday, said it will continue to refine its models, strengthen institutional capacity, and embrace innovation, data-driven decision-making, and strategic partnerships to unlock Nigeria’s economic potential.

The Minister of Budget and Economic Planning, Abubakar Bagudu, stated this during the opening ceremony of the third annual Nigerian Association of Macroeconomic Modelers [NAMM] International Hybrid Conference which took place at the Conference Centre of the University of Ibadan, Oyo State.

The conference has the theme: “Macroeconomic Modelling and Data Science for Economic Development”.

Bagudu was represented by the Chief Planning Officer, of the 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.

In his remarks, the President of NAMM, Prof. Philip Alege, said employing advanced analytical tools was key in understanding and resolving the Nigerian economic situation.

Chairman of the occasion, prof. Akin Iwayemi, said data and models are very important in providing a framework to analyse economic issues in Nigeria.

Other scholars and experts present at the event stressed the importance of models and data in macroeconomic decision-making.

Among them was the Statistian-General of the Federation, Prince Adeyemi Adeniran, who was represented by Dr. Ayo Anthony; Prof. Chris Kalu of Nnamidi Azikiwe Universit, Prof. Afees Salisu of the Centre for Econometrics and Applied Research (CEAR), 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.

Prof. Chris Kalu said macro-economic models are critical to a policy-making framework.