The minister of finance and coordinating minister of the economy, Taiwo Oyedele says the federal government is proposing mandatory impact assessments before major economic policy changes to reduce uncertainty for businesses and investors
He made the disclosure on Monday at the ongoing 32nd Nigerian economic summit (NES) in Abuja, while presenting the proposed Nigeria economic policy framework for public consultation
He said the framework would require policymakers to explain the problems a proposed intervention seeks to solve, the evidence supporting it, who would benefit, who would bear the cost, and the conditions under which the policy would end
The framework, which he said is still a consultation draft, is intended to establish enduring principles for economic policymaking across successive administrations rather than serve as a development plan or the manifesto of a particular government
“Our challenge has never been a shortage of ambition or good ideas It has been the absence of an enduring economic philosophy, consistent policy making, and disciplined implementation,” Oyedele said.
He said frequent policy reversals, inadequate impact assessments and limited consultation with businesses had undermined investment and economic growth
“Policy uncertainty is an invisible tax on enterprise, and unlike most taxes, it generates no revenue for the government It only destroys value and discourages investment,” he said.
According to Oyedele, the proposed framework would organise Nigeria’s economic priorities around seven interconnected areas: stability, productivity, enterprise, capital, people, markets and institutions
He said the framework would also introduce an annual national economic scorecard, to be published on or before October 1, to track indicators such as real wages, productive employment, and poverty
“GDP growth matters, but per capita income matters even more,” he said, adding that economic progress should be measured by improvements in household incomes, employment, and business productivity rather than aggregate figures alone
Oyedele said the framework would be guided by three principles: enterprise as the engine of growth, open but fair markets, and coordination across government institutions
He said the government would support private enterprise by providing public goods, maintaining the rule of law, addressing market failures and protecting vulnerable groups
On trade policy, he said tariffs should support the development of local industries rather than shield inefficient businesses from competition indefinitely
“A tariff must serve as a runway for local industry to take off, never a permanent shelter from competition,” he said
Oyedele said the framework will be open for public consultation from November 27, 2026, with Nigerians invited to respond to 17 questions through the federal ministry of finance’s website
He said the draft would proceed to the federal executive council for approval and the national economic council for endorsement after the consultation and validation process
Also speaking, the Chairman of NESG, Niyi Yusuf noted that transformation cannot be delivered by any single institution, as it requires collaborative effort
“Government must sustain stability, and deepen reforms that lower production costs, strengthen infrastructure, secure lives and improve shared prosperity State Governments must improve their investment climates and develop their productive advantages.
“Governments should do more to privatise public assets that can benefit from private sector management, expertise, know-how and capital to unlock investments Businesses must invest, innovate, develop skills and create decent jobs.
“Development partners, civil society and the media must support evidence and accountability Our priority is to strengthen the transmission from stability to investment, from investment to productivity, from productivity to jobs, and from jobs to rising incomes and shared prosperity,” he explained.