The Founding Chair of DePECOS Institutions and Development Research Centre (DIaDeRC), Nigeria, Professor Evans Osabuohien, has called for a strategic drive towards sustainable and inclusive economic growth that fosters long-term prosperity and social cohesion. His recommendations formed the cornerstone of a presentation delivered at the inaugural Palandöken Economic Forum (PEF) held in Erzurum, Turkey on the 26th and 27th April 2025.
Speaking during one of the sessions of the two-day event, themed “An Equitable Future in a Smart World: Intelligent Economies and Global Inequality,” Professor Osabuohien emphasised the importance of policy reforms and resilience in navigating current global economic challenges. He stressed the need for coordinated efforts to address systemic risks and promote equitable development across regions.
In his presentation titled “Sustainable and Inclusive Economic Growth,” the economics professor from Covenant University, Ota, Nigeria, urged policymakers to align monetary policies with the objectives of inflation control and fiscal reforms. He underscored the importance of tax frameworks aimed at broadening revenue sources and reducing informality in the economy.
Professor Osabuohien advocated for the design of social programmes that ensure minimum wage growth outpaces the Consumer Price Index (CPI), thereby supporting poverty alleviation. He highlighted the need for targeted investments in infrastructure to improve citizens’ livelihoods, stating, “Growth is good, but growth that leaves people or the planet behind is growth undone.”
He further outlined the core pillars of inclusive and sustainable growth, which include equitable access to opportunities, gender equality, youth inclusion, strong institutional governance, adherence to the rule of law, ecological responsibility, and innovation through adaptive technologies. He called for a conscious reassessment of development models to ensure they align with societal objectives.
Addressing the intersection of agriculture, climate, and economic development, Professor Osabuohien noted that agricultural policies should be climate-smart and responsive to household livelihoods, food security, and employment generation. He highlighted the potential of the agricultural sector in tackling food inflation and advancing value chains. On the role of technology, he noted the importance of inclusive digital strategies, including artificial intelligence and related tools, to boost productivity and service delivery. He also called for renewed investment in education focused on digital and green economy competencies to prepare the workforce for emerging global demands.
Professor Osabuohien stressed the need for strengthened institutional frameworks to enhance transparency, accountability, and investor confidence. He advocated for regional cooperation as a mechanism to address shared challenges and economic volatility, promoting what he described as a “people-centred model of development that integrates equity, resilience, and shared prosperity.”
Participating in the third panel session of the forum, which focused on “Climate Change, Ecological Transformation and Energy Policies,” Professor Osabuohien reflected on global economic forecasts. He noted that the projected global GDP growth of 2.7% in 2025 and 2026 signals a modest stabilization. However, with developing economies expected to grow at around 4%—still below pre-pandemic levels—he cautioned that this may be insufficient to significantly reduce poverty or achieve the Sustainable Development Goals (SDGs), particularly in light of inflation, geopolitical tensions, and climate-related disasters.
As the world stands on the cusp of a transformative era driven by rapid digitalization and technological innovation, the Palandöken Economic Forum provided a platform for deliberation on pressing global issues. The event gathered a diverse audience including business leaders, government officials, economists, corporate executives, representatives of non-governmental organisations, and academics.
The Forum was formally opened by the President of the Republic of Turkey, H.E. Recep Tayyip Erdoğan, who delivered the keynote address, setting the tone for robust discussions on global inequalities and innovative policy solutions. Other important dignitaries at the event include ambassadors from different countries, international agencies including (Organisation for Economic Cooperation and Development-OECD, Black Sea Economic Cooperation-BSEC; G20, World Health Organisation-WHO, UNSG), business communities, academia, among others. Over 1000 delegates from nearly 30 countries attended the event. The host city, Erzurum, is reputed as tourism centre of Turkey as remarked by Turkish Minister of Culture and Tourism (Mehmet Nuri Ersoy), Governor of Erzurum (Mustafa Ciftci) and Mayor of Erzurum Metropolitan Municipality (Mehmet Sekmen). This was evidenced by the 2025 Tourism Capital Events Opening Ceremony at Erzurum Ice Hockey Hall, with Mehmet SEKMEN (Mayor of Erzurum Metropolitan Municipality), Mustafa ÇİFTÇİ (Governor of Erzurum), Asad Majeed KHAN (Secretary General of the Economic Cooperation Organisation), Mehmet Nuri ERSOY (Turkish Minister of Culture and Tourism, and H. E. Cevdet YILMAZ (Vice President of the Republic of Turkiey), who gave the opening address. The audience was treated to nice evening with lively performance by Alagöz Art Group ‘Sultans of the Dance’ Show.
The event presented an opportunity for Prof Evans Osabuohien to discuss collaborative opportunities, especially with delegations from Erzurum Technical University, as well as the Chairman/Director of Grameen Bank, Bangladesh and Vice Chancellor of North South Univeristy (Prof Abdul Hannan Chowdhury), who took over from Prof Yunus Mohamed, globally reputed as the father of Microfinance Bank, when he became the Prime Minister of Bangladesh.
