Emory University Teaching Professor of Economics Melvin Ayogu will bring his research on the economics of Africa to life this month when he joins the Central Bank of Nigeria (CBN) Board of Directors. Nigeria’s Senate confirmed Ayogu’s appointment to become a member of the CBN on March 2, with his appointment taking effect on April 23. Ayogu finished onboarding and committee activities on June 1. He told The Emory Wheel he will work to bring sustainable economic development and financial stability to Nigeria.
The Central Bank of Nigeria is the central bank of Nigeria and acts as the country’s monetary advisor.
Ayogu said that throughout his career, he has aimed to advance the African continent by performing economic research, and he said he is looking forward to engaging with the continent’s economic policy.
“It’s an honor for somebody who spent his entire academic life and profession studying development issues in Africa,” Ayogu said.
According to Agoyu, his new position at the CBN is an opportunity to apply his research and expertise to real-world problems. Policy implementation, he noted, offers a unique opportunity to balance the interests of various economic institutions.
“It’s a recognition too, that you've got a solid research record, and you’ve done things, and you would be able to help translate that research and experience into practical solutions,” Ayogu said.
Ayogu’s areas of interest include development economics and economics of Africa. He previously taught at universities in Nigeria, South Africa and the United Arab Emirates before serving as a Visiting Scholar at the International Monetary Fund and the United Nations Economic Commission for Africa. Ayogu said he is excited to return to public sector work and called this new role a “culmination” of his career.
“Now [I] get a chance to contribute to society and push policies that are going to benefit everybody,” Ayogu said.
Ayogu stated that he hopes to address fiscal responsibility in his role at the CBN by promoting efforts to reduce spending, which he warned could cause inflation. He said it is essential to convey that message to policymakers in developing countries like Nigeria.
“The government needs to think about the extent that they borrow, and make sure that it's financing infrastructure and the things that will generate growth,” Ayogu said.
Economics Assistant Program Director Elizabeth Eichinger has worked closely with Ayogu while at Emory. She said that Ayogu’s “fifty years of experience” and “unique global perspective” have equipped him to excel as a CBN board member. She said she has seen Ayogu’s commitment to service through his teaching.
“Professor Ayogu has a keen interest in Emory students and bringing the opportunities he has, and translating things to the classroom that are really exciting,” Eichinger said.
Luka Undilashvili (26Ox) has assisted Ayogu with research on economics in Africa and said Ayogu would be a great person to join CBN’s board. Undilashvili said Ayogu’s research on macroeconomic and political trends in Africa has prepared him well for a role that evaluates where the economy and government intersect.
“He truly understands and has a firm grasp on [the African] continent and the way things work there, how things came to be,” Undilashvili said. “His open-mindedness, while being an expert and knowledgeable, is a big advantage for his field.”
Ayogu said he sees the appointment primarily as a chance to give back.
“I never thought about it for myself,” Ayogu said. “I always thought about it as an opportunity to serve the people.”
Catherine Nan (she/her) (26Ox) is a former writer for The Emory Wheel. She is from Potomac, Maryland and has played the flute for ten years. You can find her on a bike ride or at a concert.
Jacob Muscolino (he/him) (28C) is a News Editor at The Emory Wheel. He is from Long Island and plans to major in History and Psychology. Outside of the Wheel, he is involved in Emory Reads and Emory Economics Review. You can often find Jacob watching the newest blockbuster for his Letterboxd, dissecting The New York Times and traveling to the next destination on his bucket list.
