The call was made by Tope Fasua, Special Adviser to President Bola Tinubu on Economic Matters, who argued that Africa’s economic experiences offer valuable opportunities for research capable of influencing policy and expanding the understanding of economics.

Fasua said issues such as the size of informal economies, limited economic data, the effects of colonialism, dependence on natural resources and the influence of culture on economic activity deserve greater attention from African researchers.

He argued that many conventional economic models were developed using experiences and data from other parts of the world, making it important for African scholars to examine whether those models adequately explain the realities of their own countries.

According to him, African economists should not assume that the major questions in economics have already been answered. Instead, they should investigate how the continent’s historical experiences, political systems, institutions and patterns of economic activity shape development.

Fasua raised the issue of Africa’s absence among recipients of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, commonly known as the Nobel Prize in Economics. He questioned whether barriers within international academic publishing, limited research funding or inadequate global visibility might contribute to the situation.

He also encouraged African researchers to publish stronger academic work, communicate their findings confidently and seek greater support from local institutions and private-sector organisations.

Fasua suggested that African businesses, including banks, mining companies and oil firms, could establish major research awards to recognise outstanding contributions to economics and other scientific fields. Such initiatives, he argued, could encourage innovation and provide greater visibility for African scholarship.

He nevertheless maintained that African economists should continue pursuing recognition through established international platforms by producing research with significant intellectual and practical value.

Drawing on a presentation at the Bank of Industry’s annual economic lecture, Fasua highlighted Robert Solow’s Total Factor Productivity framework, which measures the portion of economic output not directly explained by measured labour and capital inputs.

He argued that Nigeria’s large informal economy and the difficulty of capturing some economic activities in official statistics could complicate productivity measurement. He called on Nigerian researchers to examine how existing models could be adapted to better account for these realities.

Fasua also questioned whether traditional explanations of production sufficiently reflect the importance of technology, information, data, knowledge and artificial intelligence in modern economies.

He said African researchers could investigate how these factors influence productivity and development, alongside more established considerations such as land, labour, capital and entrepreneurship.

The presidential adviser identified colonialism, slavery, resource dependence, geopolitical competition and differences in literacy and political institutions as other areas that could support original economic research.

He argued that such work could help explain the continent’s development challenges and produce evidence better suited to informing economic policy.

Fasua also drew parallels with debates about scientific knowledge and geographical representation, arguing that Africa must be more active in researching and presenting its own experiences rather than allowing external perspectives to dominate discussions about the continent.

He referred to the COVID-19 pandemic as an example of why African scientific perspectives and evidence should be taken seriously. However, he argued that the continent’s experience during the pandemic should encourage further research rather than assumptions that any particular regional characteristic or remedy explains differences in health outcomes.

The economist further urged African scholars to examine influential economic theories critically and determine how well they apply to contemporary African societies.

Fasua cited research recognised by international economics awards in areas including innovation, technological progress, institutions, women’s participation in labour markets, financial crises, behavioural economics and poverty reduction. He argued that African researchers have experiences and questions that could contribute meaningfully to each of these fields.

He also called for greater recognition of the contributions of African women economists, particularly in research on entrepreneurship, labour markets, family economics and national development.

Fasua maintained that the goal should extend beyond winning prestigious awards to producing research that improves economic policy and people’s lives.

He urged African economists to become more ambitious in their research, strengthen collaboration and develop ideas that reflect the continent’s circumstances while contributing to international knowledge.

Reporting by TalkNaijaMedia