Until the most recent past, it was absolutely difficult to for economists to identify themselves with any professional body because of the non-existence of an organized and independent professional body to regulate the conduct and activities of the profession. This problem of identification had forced a good numbers of our economists to become marketers, bankers, accountants, or administrators without genuine enthusiasm. The economics profession, which hitherto had an in-built honour and dignity, suddenly turned out to be at the mercy of other professional bodies for acceptance and recognition. This unbearable trend had stirred up a general clarion call by all professional economists for the need to establish a body that would regulate the activities and general conduct of the noble profession.

The Institute of Chartered Economists of Nigeria (I.C.E.N) was established by the Companies and Allied Matters Act, 1990, had the pioneering statutory rights to regulate the practice of Economics in Nigeria and still has these rights today.

Therefore, The Institute of Chartered Economists of Nigeria (I.C.E.N) was established out of burning desire to promote and encourage the study and development of the art and science of economics in public practice, industries, commerce etc and to inculcate professionalism and specialization in the economics profession in Nigeria. In view of this development, the institute had been mandated by the Act establishing it to regulate the activities of all the different aspects of Economics such as Monetary Economics, Industrial Economics, Business Economics, Educational and welfare economics, Economics of International relations, Agricultural Economics, Petroleum Economics, etc.

ICEN provides equality of opportunities for economists in both developed, and developing countries like Nigeria. It provides professional training for people working in various walks of life. The entire system is hampered by shortage of resources, both human and material. The Institute helps curb such shortages, which the conventional institutions are unable to meet. It also helps to make the economics profession relevant to the needs of the country.
It is therefore, a viable option in the training and retraining of professional economists in an economy like that of Nigeria.

Why Becoming a Professional Economists?
There is no gainsaying the fact that education is fast becoming an essential commodity that everyone is aspiring to have. High unemployment rate coupled with severe economic crunch often necessitate people at the middle cadre to seek an alternative means of training themselves to acquire more skills while still retaining their jobs. The Institute therefore, serves as a viable option for such category of people because of its capacity to provide them with their professional training needs and at the same time guaranteeing them job security in their work places.

The members of the Institute comprises of:
(a) Those members who constitute the Institute at the commencement.
(b) Persons who qualify for admission, shall be admitted under procedures adopted by the Council and Board of Directors.

The goal of the founders of the ICEN was to provide facilities for the training and re-training of professional economists for the Nigerian economy. Given the Institute’s experience in past years and the enormous challenges facing economics profession in Nigeria today, the council and management of the Institute are desirous and determined to refocus, restructure and revitalise it, to more effectively fulfill its mandate.

Vision Statement: The vision of the Institute and its aspiration for the future is to become an internationally acceptable centre for economics profession that will contribute effectively to the production of professional economists of high quality and respond adequately to the development of the economy.

Mission Statement: The basic mandate of the Institute shall remain as detailed in the Institute’s objectives. However, the Institute will for the immediate future, be more clearly focused on the production, regular updating and upgrading of professional economists for basic level of the economy. The Institute will collaborate with relevant bodies of professional Institute to promote high level of professionalism among Nigerian economists.