Osun Hosts Maiden NES International Conference as Economists, Government Brainstorm on Innovation, Digital Economy

…Govt Pledges Enabling Environment for Businesses, Dons Call for Curriculum Reform, Inclusion in Economic Council

Scholars, policymakers, tech entrepreneurs and government officials converged on Osun State University, Osogbo, for the maiden International Conference of the Nigerian Economic Society (NES), Osun State Chapter, with a unified call to transform Nigeria from a resource-dependent economy to a knowledge-driven, digitally powered economy.

The two-day conference, themed “Economics of Innovation, Digital Transformation and Entrepreneurship”, featured about 40 peer-reviewed papers across 8 thematic tracks and two roundtables on digital economy and agricultural transformation.

Dauda: Innovation No Longer a Luxury

Chairman of the Local Organizing Committee, Prof. R.S. Dauda, while welcoming delegates, said the theme could not be more timely as global economies navigate deep structural shifts.

“As global economies navigate through deep structural constraints, the imperative to transform from traditional resource-dependent growth models toward knowledge-driven, digitally transformed economies has moved from a strategic choice to an absolute necessity,” Dauda said.

He said innovation and technological adoption are no longer distant luxuries for emerging economies, noting that job creation, supply chain efficiency and sustainable revenue generation are critical national benefits.

Dauda said the objective of the conference was ambitious yet achievable — to bridge the gap between empirical research and practical policy generation. He appreciated Osun State University and the leadership of the Nigerian Economic Society for their support.

Aremo Calls for Inclusion in Osun Economic Council, Warns Against Digital Divide

Chairman of NES Osun Chapter, Prof. Adeleke Aremo, described the theme as a reflection of the changing character of the global economy, where innovation, technological advancement and entrepreneurial capacity have become critical determinants of growth and competitiveness.

He appreciated Governor Ademola Adeleke and the management of Osun State University for hosting the conference.

Prof. Aremo noted that artificial intelligence, financial technology, automation, robotics and big data are redefining production and distribution, and that for Nigeria, the transformation presents opportunities for productivity, employment generation, financial inclusion and diversification.

However, he listed inadequate digital infrastructure, unreliable power supply, limited internet access, cyber security concerns and low digital literacy as major challenges.

“There is also the critical issue of the digital divide. Digital transformation must not become another mechanism through which existing economic inequalities are reinforced. Women, young people, rural communities and economically disadvantaged groups must have access to digital infrastructure, skills and opportunities,” he warned.

Aremo made a passionate appeal to the state government to include the Nigerian Economic Society in the Osun State Economic Council.

“I strongly feel that contributions could be enhanced if there is a representation of the Nigerian Economic Society in the economic council of Osun State. We have a lot of professors and intellectuals that can contribute to the development of the state,” he said.

Olabode: Digital Capabilities Now Foundation of Competition

Declaring the conference open in his keynote, Prof. Olabode said the world is witnessing a complete restructuring of the economic landscape where digital capabilities are now the foundation of modern competition, trade and value creation.

“We gather at a moment defined by accelerated structural change. Today, the dynamics of high-performance computing, advanced connectivity, synthetic biology and artificial intelligence is driving transformation at a pace that regularly outstrips our traditional economic frameworks,” he said.

He said the conference was not to catalogue new technologies, but to examine underlying economic forces — how digital tools alter market dynamics and foster genuine innovation.

Tracing growth theory from Solow to Romer, Olabode said economic capital is increasingly concentrated in intangibles like data sets, algorithms and networks, which have zero or near-zero cost of reproduction and massive scalability.

He highlighted the productivity paradox, where innovation advances rapidly at the frontier but diffusion across the broader economy remains slow, creating a wide gap between technology leaders and laggards.

He raised four critical questions for deliberation: how to update GDP metrics to capture digital value, how to help SMEs adopt digital capabilities, how to balance regulation and innovation for AI and fintech, and how to build inclusive innovation ecosystems.

Osun Government Pledges Support for Private Sector, Innovation

Declaring the conference open on behalf of Governor Ademola Adeleke, his representative, Adegboye Adediran, said the state government is committed to creating an enabling environment for businesses to thrive.

“Innovation has become an important driver of productivity, competitiveness and economic growth. It enables businesses to improve their products and services, reduce operational costs, and respond more effectively to changing market demand,” the governor said.

Adeleke said the growing use of digital platforms, data systems and financial technology has demonstrated the potential of digitization to expand economic participation, but stressed that benefits will not be fully realized without addressing digital infrastructure, literacy, connectivity and data privacy.

“For Osun State, these issues are central to our development aspirations. Our administration recognizes that the future of the state economy builds upon a stronger private sector, improved productivity, expanded opportunities for young people, and the effective use of technology,” he said.

He said Small and Medium Scale Enterprises remain vital to communities and pledged government support through infrastructure, finance, skills development and markets.

The governor described economists as critical in helping government understand trends and assess policy options, urging NES to step up engagement with government and private sector to ensure research findings inform public policy.

“I encourage participants to go beyond theoretical discussions and develop recommendations that can be translated into practical interventions for economic growth,” he added.

Adeoti: Invention Without Commercialization is Not Innovation

In his lecture, Prof. Adeoti drew a sharp distinction between invention and innovation, saying most research outputs in Nigerian institutions remain inventions because they have not been commercialized.

“Innovation is the process of transforming new ideas, knowledge, methodology and technology into products, services and business models that generate economic and social value. If it doesn’t create value in the marketplace, it does not become innovation. It is simply an invention. Invention plus commercialization equals innovation,” he said.

He listed the greatest resources of any country as its people, described innovation as the engine of economic progress, and noted that digital economics rewards adaptability.

On AI, Prof. Adeoti said: “AI is man-made and cannot replace the human brain. Its capacity is limited. There is so much it can do and not do.”

He faulted the training of economists in Nigeria, saying focus is largely on macro and microeconomic stability without adapting to technology changes, adding that Nigeria’s economic challenge is production-related.

“The challenge of the Nigerian economy is production in nature because Nigeria has not harnessed the advantages of technology in production. Tackle production and energy and inflation will come down,” he said.

Prof. Adeoti called for fundamental curriculum reform to make innovation, technology and economic growth compulsory courses in economics.

The conference continues today with technical paper presentations and roundtable discussions expected to produce policy insights for the state and national development.