The Federal Government is proposing mandatory impact assessments before major economic policy changes as part of efforts to reduce uncertainty for businesses, attract investment and improve the consistency of economic decisions.
Taiwo Oyedele, minister of finance and coordinating minister of the economy, disclosed this on Monday at the 32nd Nigerian Economic Summit (NES) in Abuja, where he presented the proposed Nigeria Economic Policy Framework for public consultation.
Under the proposal, policymakers would be required to explain the problem a policy seeks to address, the evidence supporting the intervention, its expected beneficiaries, who would bear the cost and the conditions under which the policy would be discontinued.
Oyedele said the framework, which remains a consultation draft, is intended to establish lasting principles for economic policymaking across successive administrations rather than serve as a development plan or the manifesto of a particular government.
He argued that Nigeria’s economic challenges stem partly from inconsistent policymaking, frequent policy reversals and weak implementation, which have made it difficult for businesses and investors to plan for the long term.
“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 added that inadequate impact assessments and limited consultation with businesses had undermined investment decisions and constrained economic growth.
“Policy uncertainty is an invisible tax on enterprise, and unlike most taxes, it generates no revenue for government. It only destroys value and discourages investment,” he said.
FG outlines seven priorities for economic policy
The proposed framework will organise Nigeria’s economic priorities around seven interconnected areas: stability, productivity, enterprise, capital, people, markets and institutions.
According to Oyedele, the framework is designed to provide a common direction for economic decisions while ensuring that policies are assessed based on their likely effects on businesses, households and the wider economy.
He said the government also plans to introduce an annual national economic scorecard, to be published on or before October 1 each year, to track progress using indicators such as real wages, productive employment and poverty.
Oyedele stressed that economic performance should not be judged solely by the growth rate of gross domestic product (GDP), arguing that improvements in household incomes and living standards are equally important.
“GDP growth matters, but per capita income matters even more,” he said.
The proposed scorecard is expected to provide a broader assessment of whether economic growth is translating into higher incomes, more jobs and improved productivity for businesses.
Enterprise, fair competition to guide policy
Oyedele said the framework would be guided by three central principles: enterprise as the engine of economic growth, open but fair markets, and coordination across government institutions.
Under the proposed approach, the government would focus on creating an environment in which private businesses can grow, rather than attempting to direct every aspect of economic activity.
He said the state’s role would include providing public goods, upholding the rule of law, addressing market failures and protecting vulnerable groups.
The framework also seeks to improve coordination among government institutions to reduce conflicting policies and ensure that fiscal, monetary, trade and industrial decisions work towards common economic objectives.
Tariffs should support industrial growth, not protect inefficiency
On trade policy, Oyedele said tariffs should be used to support the development of domestic industries and help local businesses become competitive, rather than provide permanent protection for inefficient producers.
He argued that trade restrictions should create opportunities for local industries to build capacity and compete effectively, with protection serving a defined developmental purpose.
“A tariff must serve as a runway for local industry to take off, never a permanent shelter from competition,” he said.
The position suggests that under the proposed framework, trade measures would be assessed according to their contribution to industrial development and competitiveness rather than their ability to shield businesses from foreign competition indefinitely.
Public consultation begins November 27
Oyedele said the draft Nigeria Economic Policy Framework would be opened for public consultation from November 27, 2026.
Nigerians will be invited to respond to 17 questions through the Federal Ministry of Finance’s website, allowing businesses, investors and other stakeholders to submit recommendations on the proposed policy principles.
Following the consultation and validation process, the draft will be presented to the Federal Executive Council for approval and the National Economic Council for endorsement.
Oyedele urged stakeholders to scrutinise the proposals and provide evidence-based feedback to help strengthen the framework before it is finalised.
If adopted, the proposed measures would establish a more structured approach to economic policymaking, with greater emphasis on assessing the consequences of major decisions, maintaining consistency across administrations and measuring economic progress through outcomes that directly affect Nigerians and businesses.
