…AfDB chief, Statistician General, Iwayemi, dons call for proper use of models in decision-making
By Odeyemi Omobola
The Federal Government, on Wednesday, vowed that it will continue to refine its models, strengthen institutional capacity, and embrace innovation, data-driven decision-making, and strategic partnerships to unlock Nigeria’s full economic potential.
The Minister of Budget and Economic Planning, Abubakar Bagudu, stated this during the pre-conference workshop of the third annual Nigerian Association of Macroeconomic Modelers [NAMM] International hybrid conference which took place at the Conference Centre of the University of Ibadan, Oyo State.
The conference has the theme: ‘’Macroeconomic Modelling and Data Science for Economic Development’’.
Bagudu was represented by the Chief Planning Officer, Macroeconomic Analysis Department, Federal Ministry of Budget and Economic Planning, Mrs. Ijeoma Ofiah.
The minister, who was one of the guest speakers, said the federal government recognised the importance of reliable and timely data, flexibility in models, and close collaboration with stakeholders.
Bagudu said the government was committed to addressing the challenges hindering the optimal application of reliable models, including limited data quality, technical capacity gaps, and funding constraints.
The minister said: ‘’We’re also leveraging the Integrated Planning and Reporting Toolkit (IPRT) to align our national development plans with the Sustainable Development Goals and Agenda 2063. The Medium-Term Fiscal Framework (MTFF) remains a cornerstone of our fiscal management strategy, prioritizing fiscal sustainability and discipline.
‘’As we move forward, we recognise the importance of reliable and timely data, flexibility in our models, and close collaboration with stakeholders. We are committed to addressing the challenges hindering the optimal application of reliable models, including limited data quality, technical capacity gaps, and funding constraints.
‘’ In conclusion, the effective application of economic models is crucial to evidence-based policy-making. By harnessing the power of these tools and fostering strong collaborations, we can unlock Nigeria’s full economic potential’’.
In his remarks, the President of NAMM, Prof. Philip Alege, said employing advanced analytical tools was key in understanding and resolving the Nigerian economic situation.
The chairman of the occasion, prof. Akin Iwayemi , said data and models are very important in providing a framework to analyse economic issues in Nigeria.
Other scholars and experts present at the event stressed the importance of models and data in macro-economic decision-making.
Among them were the Statistician-General of the Federation, Prince Adeyemi Adeniran, who was represented by Dr. Ayo Anthony; Prof. Chris Kalu of Nnamidi Azikiwe University, Prof. Afees Salisu of the Centre for Econometrics and Applied Research [CEAR], Dr. Seedwell Hove of the African Development Bank, Dr. Princess Nwankwo of the Centre for Petroleum, Energy Economics and Law of UI, Prof. Olusanya Olubusoye and a host of others.
Prof. Chris Kalu said macro-economic models are critical to policy making framework.
