The Nigeria Association of Macroeconomic Modellers has advocated for structural transformation models customized to the country's unique economic context. This call came during their fourth annual international hybrid conference at the University of Ibadan. Experts warned that relying on foreign frameworks hinders effective policymaking.
At the fourth Annual NAMM International Hybrid Conference held at the University of Ibadan on November 27, 2025, the Nigeria Association of Macroeconomic Modellers emphasized the need for economic models that capture Nigeria's structural, social, and institutional realities. Leading economists, policymakers, and data scientists gathered to discuss innovations addressing the nation's development challenges.
Dr. Mohammed Tumala, former Director of Statistics and Monetary Policy at the Central Bank of Nigeria, highlighted how macroeconomic instability stems from deep structural issues. 'Nigeria’s persistent macroeconomic vulnerabilities are symptoms of an underlying structural imbalance. Our fragile, commodity-driven recoveries falter because we have not engineered the fundamental transformation required for enduring prosperity,' he stated. Tumala, known for pioneering text-mining for monetary policy analysis and developing the Economic Policy Uncertainty Index at the CBN, pointed to global shifts like digitization, where wealth increasingly favors intangible assets. 'The global economy has been transitioning mainly because of digitisation. Wealth is being redistributed with increasing skewness in favour of holders of intangible assets. Nigeria must adapt or lag the transition,' he added. He argued that events like the 2008 financial crisis exposed gaps in modelling tools, not data shortages, and called for enhanced statistical systems, local research, and digital innovation.
NAMM President Prof. Phillip Alege reaffirmed the group's dedication to creating a flagship Nigerian structural model amid rising global uncertainty. He noted the importance of incorporating institutional behaviors, political economy, informal sectors, and social factors into dynamic models for growth and stability in Africa. 'This conference is not about lamenting the past; it is about building tools for the next 65 years,' Alege said.
Participants consensus focused on adopting advanced approaches, such as digital data streams, agent-based modelling, and integrated systems, to navigate Nigeria's economic complexities and foster sustainable pathways.