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The Director General of the West African Institute for Financial and Economic Management (WAIFEM), Dr. Baba Yusuf Musa, is now the 45th President of the Nigerian Economic Society (NES).
This was as the NES awarded a 2025 fellowship to Dr. Kingsley Obiora, a former Deputy Governor of the Central Bank of Nigeria (CBN), for his “outstanding contributions to Nigeria’s economic development.” The honour is the highest professional award in the NES coffers.
The conferment took place at the NES 2025 conference, which was held between September 8th and 11th.
Obiora, together with 13 others, which included Vice President Kashim Shettima, were conferred the distinguished 2025 fellowship award. They joined the likes of some honourable fellows who had received the honours in the past, including late Professor Ojetunji Aboyade, Dr. Ngozi Okonjo-Iweala, His Royal Majesty Muhammadu Sanusi II, Tony Elumelu, among others.
However, in his acceptance speech titled: ‘A New Dawn: Forging a Path to Economic Resilience and Prosperity’, Musa, the new President, said he was deeply honoured to accept to lead the NES, a body of intellectual giants and patriots who have, for decades, dedicated their minds to the service of our nation.
“I consider my election as a powerful statement from our members, a clear signal that we are ready to bridge the gap between academic theory and real-world economic practice. While our roots remain firmly in scholarly research, this decision demonstrates our commitment to leveraging the insights and experiences of the industry.
“I am deeply humbled by this trust and believe that a blend of academic rigor and industry application is precisely what our Society needs to redefine its role in the national policy discourse. The path ahead is challenging, as our nation stands at a critical crossroads. While we have witnessed a gradual recovery after years of turbulence, citizens continue to face hardship,” he said.
According to the economist, recent reports from the CBN’s purchasing manager’s index (PMI) indicate sustained expansion in economic activity for eight consecutive months, with 26 of 36 subsectors recording growth, alongside improvements in liquidity and external reserves.
He added, “Yet, inflation remains elevated, food insecurity and poverty persist, and the urgent tasks of job creation and diversification cannot be ignored. As the IMF notes, the government must raise growth while adapting to global headwinds.
“In these times, the voice of the economist, grounded in research and committed to truth, becomes not just important, but essential. Our Society is the compass our nation needs to navigate these turbulent waters.
Musa said his vision for the next two years would not be merely about managing the society and building on the progress made by my predecessor, “it is about transforming it into an indispensable institution at the very heart of Nigeria’s economic discourse and development.
“I believe that to truly consolidate the gains of the last two years, we must build the capacity and structures necessary to become the nation’s premier think tank, a hub of intellectual excellence, a source of credible data, and the go-to partner for sustainable policy solutions. This is the mission we embark on today.
“To achieve this, we must first look inwards and chart a clear course. As economists, we understand a fundamental truth that has been painfully demonstrated in our nation’s history: without a well-defined NES development plan, progress is often fragmented, and potential remains largely untapped. As a society of economic thought leaders, it would be a grave oversight to navigate our own future without a strategic roadmap,” he added.
He revealed some of his plans to include the establishment of a new Policy Advocacy and Engagement Committee that would be the bridge between members’ research and the corridors of power, adding that the would be tasked with developing quarterly policy briefs, structured dialogue, state-level impact, investing for tomorrow – youth and capacity building, among others.
“Let us be the voice of reason in a time of uncertainty. Let us be the source of light in a time of darkness. Let us be the architects of a new Nigeria, built on the foundations of knowledge, integrity, and shared prosperity,” he added.
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