How to tackle Nigeria’s economic challenges – Experts

Experts have advocated an innovative approach to tackle the lingering economic challenges facing Nigeria and the continent at large. They made the call at the second edition of the Paul Alaje Colloquium 2025 with the theme: “Breaking the Cycle: How Nigeria Can Lead Africa from Poverty to Prosperity.” While delivering a keynote address, Global Board […]

Experts have advocated an innovative approach to tackle the lingering economic challenges facing Nigeria and the continent at large.

They made the call at the second edition of the Paul Alaje Colloquium 2025 with the theme: “Breaking the Cycle: How Nigeria Can Lead Africa from Poverty to Prosperity.”

While delivering a keynote address, Global Board Chairman, Africa International Chamber of Commerce and Industry (AICCI) who represented the PLO leader, Patrice Lumumba noted that Africa needs leaders and institutions that are willing to reform, innovate, and make difficult decisions for long-term development.

“We need cooperation between the government, the private sector, civil society, academia, the media, and the youth. No one sector can transform Africa alone. Nigeria’s commitment to reform and resilience sends a clear message to the continent: Africa can rewrite its story through courage, discipline, and strategic action.

“Across Africa, our challenges are regional—conflicts that spill across borders, volatile markets, infrastructure deficits, energy shortages, unemployment, and food insecurity. Therefore, our solutions must also be regional. Africa cannot continue to function as 54 disconnected markets. We must build interconnected regional value chains driven by innovation, production, and trade. We must strengthen regional institutions and align our policies to unlock growth,” he said.

Also speaking as a special guest, Chief Mrs. Bola Obasanjo noted that “Government must create and enforce policies that promote equal access to education, healthcare, leadership opportunities, and financial services for women. Legislators must champion gender-sensitive laws that protect women’s rights and promote their participation in leadership,”

In the same Chairperson of the Colloquium, Fehintoluwa Oduekun noted that the theme is not merely an economic imperative—it is a moral one.

“It is a call to reimagine leadership, governance, economic policy, and our collective social contract.”

In his opening statement, convener of the Colloquium, Dr. Paul Alaje said for Nigeria to tackle economic challenges and poverty, “We must stop importing what we can produce competitively. Africa must shorten its value chains — from farm to factory to market. Nigeria’s abundant arable land must feed not just our population, but our industrial ambitions. Minerals must be refined on our soil. Agricultural produce must be processed in factories on our continent,” he said.

Alaje added, “To truly transform, we must not only industrialize nationally — we must build across borders.”