Nigerian Economist Urges African Scholars to Develop Homegrown Economic Theories

A Professor of Economics at the Lagos Business School, Bongo Adi, has called on African academics to create economic theories that reflect the continent’s unique realities rather than depending mainly on models developed in Western countries. Adi made the call while delivering the 23rd inaugural lecture of Pan-Atlantic University at its Lekki campus in Lagos. The lecture, titled “The End of Development Economics: A Manifesto for Post-Industrial Policy,” focused on the need for a new approach to economic thinking and policymaking in Africa. The economist criticised the pattern where African researchers often provide economic data while scholars from developed countries develop the theories used to interpret those realities. He argued that African scholars should move beyond applying foreign frameworks and begin creating ideas that address the continent’s specific challenges and opportunities. According to Adi, the future of development economics should involve greater intellectual independence, with African researchers producing solutions that can guide practical policies. He encouraged younger scholars to challenge existing approaches and develop new perspectives rather than only modifying established theories. He also noted that rapid technological changes, including artificial intelligence and automation, are reshaping the global economy and require Africa to rethink how it approaches growth and development. “Across Africa, a generation of entrepreneurs, engineers and creative workers is building economic futures that no textbook predicted,” Adi said. The Vice-Chancellor of Pan-Atlantic University, Prof. Enase Okonedo, praised the lecture, describing it as an opportunity for scholars and policymakers to reconsider development strategies for the modern economic era. Okonedo highlighted Adi’s contributions across areas including economics, development policy, public-private partnerships, project finance, competitiveness, and public sector reform, describing him as an influential voice in discussions about Africa’s economic future.