FG unveils draft economic policy framework
Abuja, Oct. 2026 (TBL Africa) Mr Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy on Monday in Abuja unveiled a draft Economic Policy Framework for Nigeria.
Oyedele unveiled the framework at the 32nd Nigerian Economic Summit (NES32), with the theme; “Growth that Works: Delivering Jobs, Productivity and Shared Prosperity”, in Abuja on Monday.
He said that the framework was aimed at promoting policy consistency, strengthening investor confidence and driving sustainable economic growth.
Oyedele said Nigeria’s major economic challenge was not a shortage of development plans but the absence of an enduring economic philosophy and disciplined implementation.
He said that frequent policy reversals, inadequate consultations and decisions unsupported by credible data had weakened businesses, discouraged investment and limited job creation.
According to him, policy uncertainty imposes an invisible tax on businesses, discouraging investment without generating revenue for government.
Oyedele said that the proposed framework was not a development plan, capital projects catalogue or political manifesto, but a national economic doctrine to guide economic decisions.
He said it would establish principles for policy-making and provide measurable indicators for assessing economic progress beyond individual administrations.
“Our vision is simple but profound: a productive, competitive, diversified and inclusive economy that delivers quality jobs, expands real household incomes and creates shared prosperity,” the minister said.
Oyedele said that economic success should be measured by improvements in citizens’ livelihoods, including productive employment, higher agricultural yields and the growth of small businesses.
He said that the Gross Domestic Product (GDP) growth remained important, but improvements in per Capital income and domestic capital formation were essential for translating economic expansion into better living standards.
The minister identified seven interconnected systems underpinning the framework: stability, productivity, enterprise, capital, people, markets and institutions.
He said that the systems must function together to build a resilient economy, supported by efficient infrastructure, logistics, education, healthcare and human capital development.
Oyedele outlined three non-negotiable principles: enterprise as the engine of growth, open but fair markets, and coordinated government policy-making.
He said that private businesses should drive production and employment, while government provides public goods, upholds the rule of law, addresses market failures and protect vulnerable citizens.
On industrial policy, he said tariffs should support local industries to become competitive rather than provide permanent protection against competition.
The minister said that the framework would also require government institutions to consider the cumulative impact of their policies on businesses and the wider economy.
Oyedele said that to strengthen accountability, he proposed mandatory policy impact assessments before major economic interventions, including tax adjustments, tariff changes, regulatory restrictions and incentives.
He said that the assessments should establish the problem being addressed, the supporting evidence, beneficiaries, costs and conditions for ending the intervention.
Oyedele also proposed an annual National Economic Scorecard to be published on or before Nigeria’s next Independence Day.
He said that the scorecard would track key indicators, including real wages, productive employment and poverty reduction to measure the impact of government policies.
The minister said that the framework was still a consultation draft and had not yet become approved government policy.
According to him, public consultations will run until Nov. 27, with Nigerians invited to respond to 17 core questions through the Ministry of Finance website.
Oyedele said that the framework would proceed to the Federal Executive Council for approval and the National Economic Council for endorsement after validation.
He urged the Nigerian Economic Summit Group (NESG) and private sector stakeholders to scrutinise the draft, provide evidence-based recommendations and help build national consensus.
The minister said the initiative was intended to replace unpredictable policy-making with a transparent and consistent approach to economic management.
He added that sustained economic progress required policies to be developed collaboratively, implemented responsibly and adjusted transparently when necessary.
Oyedele said that a lasting national economic framework could eventually shift political debates from competing economic promises to how parties intended to implement an agreed national policy.
“The defining advantage of any great nation is neither the oil under its soil nor the size of its population.
“It is the capacity to make sound, disciplined decisions and sustain them across generations,” he said.
He expressed confidence that Nigeria possessed the talent and enterprise needed for development, adding that policy certainty was critical to unlocking the country’s economic potential.
Oyedele called on stakeholders to support the initiative, evidence-based policy-making would improve the durability and effectiveness of economic reforms.
