Address Nigeria’s economic challenges with innovation, technology investment – Prof Adeoti to FG

Prof Adeoti made the call at the maiden annual conference of the Nigerian Economic Society, NES, Osun State Chapter, held in Osogbo on Monday, with the theme, “Economics of Innovation, Digital Transformation, and Entrepreneurship.”

The professor said Nigeria must move beyond its traditional emphasis on macroeconomic and microeconomic stability by equipping economists with the knowledge and skills required to adapt to technological changes.

“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.

He identified Nigeria’s economic challenges as largely production-related, arguing that the country had failed to fully harness the benefits of technology in its production processes.

He maintained that addressing production challenges and improving energy supply would help reduce inflation, calling for fundamental changes to economics curricula in Nigerian universities and other tertiary institutions.

In his words, “The curriculum in our universities and other tertiary educational institutions must fundamentally change to introduce courses in innovation, technology and economic growth as major compulsory courses in economics.”

Also speaking, Adekola Adediran, Special Adviser to Governor Ademola Adeleke on Economic Planning, Budget and Development, who represented the governor, described the conference theme as timely and relevant to Osun State’s development aspirations.

Adediran said innovation had become a major driver of productivity, competitiveness and economic growth, explaining that digital platforms, data systems and financial technology could improve business operations and government service delivery.

He, however, identified legal infrastructure, digital literacy, reliable internet connectivity and data privacy as essential conditions for achieving the full benefits of digital transformation, adding that the state government remained committed to creating an enabling environment for businesses, entrepreneurs and investors.

The governor’s representative also emphasised the importance of small and medium-scale enterprises in generating employment, supporting livelihoods and strengthening local production, urging the Nigerian Economic Society to deepen its engagement with government, academic institutions and the private sector.

Earlier, Chairman of the Nigerian Economic Society, Osun State Chapter, Professor Adeleke Aremo, said the conference was organised to provide a platform for scholars, policymakers, entrepreneurs and business leaders to examine the economic implications of innovation and digital transformation.

Aremo said technological advancement, artificial intelligence, financial technology, automation, robotics and big data were reshaping production, distribution and consumption, urging Nigeria to strengthen research, develop local technological capacity and translate academic findings into practical solutions for economic development.