By Mojolaoluwa Ayeni
As part of her 71st convocation ceremony, University of Ibadan invited Professor Ademola Ariyo of the Faculty of Economics to deliver a valedictory lecture, tagged: “Knowledge for Sound Economic Judgement” on November 13, 2019 at the Large Lecture Theatre, Faculty of the Social Sciences.
It was a grand ceremony which was chaired by the Vice Chancellor of the University of Ibadan, Prof Abel Idowu Olayinka and also had the 3 Deputies Vice Chancellor – Prof K.O Adebowale (DVC Administration), Prof A.B Ekanola (DVC Academics), Prof Olanike K. Adeyemo (DVC Research, Innovation and Strategic Partnerships), other principal officers of the University, dignitaries from various Universities allover Nigeria as well as various Deans of Faculties and Heads of Departments in attendance.
In the wide ranging lecture, Sir Prof Ademola Ariyo discussed his early academic beginnings and how he came to pursue a career in Economics despite ‘many temptations’. He also emphasized the need to transform the numerous challenges we encounter into opportunities, ‘When life gives you lemons, try to make lemonade out of it!’, he charged.
Delving deeper into his lecture, he explained that under normal circumstances, an individual with the requisite knowledge or discipline is expected to perform well in related tasks. “However, this is not often the case as individuals are subject to motivational biases on task related judgements. This creates a gap between informed judgements and sound judgements. Holding people responsible for their decisions reduces this tendency and as such responsibility and accountability are very important conditions for societal growth.”
In his concluding remarks, he noted that for the ‘deliverance’ of the Nigerian economy, there is a need to produce knowledge based on economic policies as well as develop a sound policy implementation framework. He also said that there was a need to build a conducive environment for knowledge acquisition and sound economic judgement.