The Vice Chancellor of the African School of Economics, Abuja, Prof. Mahfouz Adedimeji, has urged Nigerians, especially the youth, to embark on measures that will help them to head off poverty and the harsh economy situation.

Prof. Adedimeji gave this insight in his lecture, “Overcoming Economic Crisis and Multidimensional Poverty: Exploring Pathways to Prosperity”, delivered at the October edition of the lecture series organised by the University of Ilorin Muslim Graduates Association (UNILOMGA) on Sunday October 26, 2025 in commemoration of the 50th anniversary of the university.

According to the Vice Chancellor, it has been established from the beginning of time and documented by Plato that the primary needs of human beings are food, clothing and shelter, all of which are economic.

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He noted that if the basic economic needs were met, many challenges facing millions of people would be overcome, adding that this philosophy accounted for the infusion of economic literacy as a cornerstone of the training of students at ASE, the Pan-African University of Excellence, regardless of their disciplines. The VC described the approach as novel to university education.

While explaining multidimensional poverty as the type of lack characterised by absence of education, poor health, inadequate living standards and lack of access to basic services, Prof. Adedimeji said that escaping poverty for individuals required capacity development through education, production of marketable products and acquisition of skills that generate income or rendering payable services.

The don, who is a chartered world encyclopedist and Fellow of the Corporate Administration of Nigeria, also stressed that minimising expenditure and maximising income are two time-tested strategies of coping with a crisis-prone economy while encouraging young people to cultivate the habit of volunteering because it is part of gaining experience and attracting future opportunities.

Prof. Adedimeji submitted that the reforms by the Federal Government under President Bola Ahmed Tinubu were showing positive signs as the value of Naira gradually increased against foreign currencies while the real GDP had risen from 3.0% that it was in 2024 to 4.23% now.

The pathway to prosperity for Nigeria, according to him, lies in diversifying the economy, education and skills development, healthcare improvement, social safety nets, infrastructure development as well as good governance and accountability. He also urged Nigerians to embrace work ethics, and have faith, trust, patience and hope.

Highlights of the programme included the questions and answers session where real life issues in Nigeria were raised and actionable ideas were shared by the Vice Chancellor on converting challenges to opportunities.