Nigeria Association of Macroeconomic Modellers (NAMM) has said continued reliance on imported framework will hinder effective policymaking and long term growth.
Speaking at the fourth Annual NAMM International Hybrid Conference in Ibadan, Oyo State capital, former director of Statistics/Monetary Policy at the Central Bank of Nigeria, Dr. Mohammed Tumala, said Nigeria’s recurring macroeconomic instability was a symptom of deep-seated structural imbalances that could not be solved with generic or externally-designed models.
Said he: “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.”
NAMM President, Prof. Phillip Alege, said the body would produce a structural transformation model capable of guiding policy in a rapidly changing world.
He noted: “Macroeconomic models guide our understanding of growth, stability and policy design. Nigeria and Africa cannot escape modern modelling approaches in the face of evolving development challenges.”
Alege said global uncertainty had surged to an unprecedented level and was unlikely to ease in the near term, stressing the need for dynamic models that incorporated behavioural, institutional and political economy dimensions, as well as informal sector realities and social variables.
Leading economists and policy experts said Nigeria’s development challenges could only be addressed through analytical tools rooted in the country’s structural, social and institutional realities.
The conference was attended by scholars, policymakers and data scientists, who deliberated on modelling innovations capable of driving Nigeria’s structural transformation and supporting evidence-based economic planning.
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