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.