The upper chamber of the National Assembly of Nigeria has concurred with a national bill on the establishment of the Institute of Economists of Nigeria.
The proposed law was sponsored in 2023 by Hon. Dr. Adebayo Adepoju, member representing Ibarapa Central and Ibarapa North Federal Constituency.
The bill, with the House Number HB224, having been passed by the House of Representatives on December 10, 2023, was sent for concurrence at the Senate.
As is customary for the Nigerian parliament, the Institute of Economists Bill (HB. 224) was sponsored by Sen. Bamidele Michael Opeyemi, representing Ekiti Central-Senate Leader, and read for the first time on the floor of the red chamber on February 27, 2024.
The bill, by Hon. Adepoju, seeks to establish the Institute of Economists of Nigeria, empowered with the responsibility to determine and regulate the standards of knowledge, skills and qualifications of persons seeking to become professional economists in Nigeria.
The proposed law has received the support of eminent personalities in academia in Nigeria, who see the development as a great addition to the country’s pursuit of a professionally-driven society.
However, the bill was highly celebrated by the Senate President Akpabio during the Senate plenary on Wednesday, December 17, 2025.
The Institute, though in existence, lacks the legal framework to operate, a goal it has pursued unsuccessfully for the last 21 years.
Commenting on the development, the Registrar of the Institute, Dr. Stephen Olutoki, gave glory to God, who has made it possible, “because the institute is one that has lingered the most in the history of Nigeria, of all professional bodies sent to the National Assembly or even to the military government for an Act of Parliament or Edict of the military era.
According to him, efforts to make the bill become a law started in 2004, but section by section and year by year, the move was unsuccessful.
Dr. Stephen appreciated Hon. Adepoju, who is the primary sponsor of the bill, for throwing his weight financially, materially, psychologically and educationally behind the bill to make sure it goes forward and achieves the landmark it has achieved in the two chambers of the National Assembly.
The academic doctor said almost everyone has retired along the way. He expressed that if the bill receives presidential assent, Nigerians will be amazed to hear what they have passed through in the struggle.
Receiving the pleasant news on Wednesday, Hon. Adepoju said that with the concurrence of the bill by the Senate and if eventually assented to by President Bola Ahmed Tinubu, Nigeria has joined the league of developed nations that has a strong economic Institute to regulate the profession of economists and to serve as an assemblage of economic eggheads to proffer solutions to the economic problems of the country.
He added that he considers it a pleasure and a rare privilege to be the sponsor of the long-awaited bill at the House of Representatives.
When assented to by the President, the Institute (a) shall be a body corporate with perpetual succession and a common seal, to be kept in such custody as the Council may direct; (b) may sue and be sued in its corporate name; and (c) may, subject to the Land Use Act, acquire, hold and dispose of any property, movable or immovable.
The Institute shall: (a) determine the skills and knowledge to be attained by members seeking to become professional economists and raise those standards as determined by the Institute Council; (b) secure, in accordance with the provisions of the Act, the establishment and maintenance of a register of members of the Institute and publication of persons contained in it; (c) organise and conduct professional examinations for intending members of the Institute; (d) maintain and uphold the ethics of members of the Institute; (e) regulate professional members of the Institute; (f) collaborate with other reputable examination bodies and educational institutions.
Subject to the provisions of this Act, members admitted into the Institute shall be enrolled in the categories of: (a) Fellow – FIEN; (b) Executive – EIEN; (c) Full – FUIEN; (d) Associate – AIEN; (e) Corporate – CIEN; (f) Graduate – GIEN; (g) Honorary Fellow Membership Award – HFIEN; (h) Affiliate membership; and (i) Student.
According to the bill, a person accorded any of the above statuses by the Institute under this Act shall be entitled to the use of the appropriate designatory letters as approved by the Council.
A person registered under the Act shall be enrolled as: (a) a Fellow (FIEN) if he is (i) a founding member of the Institute with sound academic and relevant professional qualifications and experiences; or (ii) an economist, academician, or non-academician, whose advisory roles on economic matters have contributed tremendously to the nation’s economic growth and development; or (iii) an individual in relevant and related disciplines who has offered development services of a special nature to the nation or who has noticeably worked relentlessly and dynamically to enhance the professional image of the Institute directly or indirectly; or (iv) a holder of full membership of the Institute with at least 10 years of practical experience.
The bill also detailed the election or appointment of the President, 1st and 2nd Vice Presidents, and the National Executive Council of the Institute, the appointment of the Registrar and other Officers of the Institute, financial provisions, professional discipline, regulations, and offenses, etc.
