Kale: Nigeria Needs Human-centered Economic Reorientation
•Insists business-as-usual no longer tenable
•Experts demand co-created solutions to address economic hardship
Nume Ekeghe
The Group Chief Economist and Managing Director at the African Export-Import Bank, Dr. Yemi Kale, yesterday, stressed the need for a fundamental overhaul of Nigeria’s economic strategy through structural reforms.
He also called for innovation to boost productivity as well as a deliberate shift towards inclusive, people-centered development.
The former Statistician General of the Federation said this at the 2025 Vanguard Economic Discourse held in Lagos, where stakeholders converged to discuss “Economic Hardship and Pathways to Recovery,”
Furthermore, the economist asserted that in today’s economic climate, the traditional business-as-usual mindset was no longer sustainable.
Stakeholders at the discourse, including leading economists and industry experts, echoed a shared consensus on the urgent need for a more coordinated and deliberate economic roadmap to prevent further hardship and foster sustainable recovery.
Kale said: “In this environment, a business-as-usual approach is no longer tenable. What is required is a comprehensive reorientation of our economic strategy—anchored on structural reforms, productivity-enhancing innovation, and a deliberate pivot toward inclusive, human-centered development.
“The success of this transition will hinge not only on the policies we enact, but on the institutional capacity, inter-agency coordination, and political resolve we bring to bear in executing them.”
He also restated that Nigeria’s current economic woes were not the result of unexpected external shocks, but rather the outcome of ill-conceived policies implemented without adequate safeguards.
He added: “What is particularly concerning in the Nigerian context is that, in many cases, the disruption is not an unanticipated external shock beyond the government’s control.
“Often, the hardship stems from policies introduced by the state itself. These are not unanticipated events they are planned decisions.
“Yet even then, despite the policies being needed, the necessary safeguards are either absent, poorly implemented, or deprioritised.
“In some instances, the likely socioeconomic impact is understood, but there is insufficient political will, fiscal space, or administrative capacity to do what is required to protect the most affected. And in Nigeria’s case, the most affected constitutes the majority of the population.”
Also speaking at the discourse, President of the Association of Small Business Owners of Nigeria (ASBON), Dr. Femi Egbesola, highlighted how government policies have continually failed to reflect the realities of the small business community , especially the 85.5 percent of Nigeria’s SME ecosystem composed of nano enterprises.
He said: “How many small businesses have become the next Dangote in 10 years? Almost none. We don’t need pity; we need partnership. Policies should not be imposed but developed jointly.”
He criticised top-down economic interventions, calling instead for co-designed, inclusive policymaking and support systems that actually reflect the lived experience of Nigeria’s entrepreneurial class. “Without inclusive policymaking, we’ll keep going in circles,” he warned.
Adding another layer to the discourse, the CEO of the Nigeria Economic Summit Group (NESG), Dr. Tayo Aduloju, called for a shift from pedestrian engagement to actionable co-delivery between the government and the private sector.
He said: “If we say today, we want to transform the energy sector, the energy plan will have two sides: what government must do, what business must do, and accountability and responsibility mechanisms to check everybody is doing what they are doing right,”
He criticised Nigeria’s slow-moving infrastructure policy, warning that the country’s $3 trillion infrastructure stock remains unattractive to investment due to bottlenecks and political risk.
“It’s not enough to say we have infrastructure worth $3 trillion when I can’t invest in a seaport tomorrow morning without bottlenecks that will almost chase me out of the country,” Aduloju said.
In his contribution, the President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), and Chairman of the 2025 Vanguard Economic Discourse, Mr. Dele Oye, was optimistic.
“Nigeria must succeed and be strategic; we are at crossroads where we can reshape our current destiny, where adversity can give rise to opportunity,” Oye said.
He pointed to the promise of a youthful population, emerging trade partnerships, and technological innovation, but cautioned that these assets could remain underutilised without thoughtful, responsive policy.
Oye also warned of the wider global forces at play, from America’s inward turn to Russia’s reassertion on the world stage, calling for a resilient and self-sufficient Nigerian political economy.
“For Nigeria, these developments underscore the necessity of prioritising economic sovereignty and a shift to a homegrown democracy that is both viable and affordable,” he added.
