BY CHIKA OKEKE, Abuja
The Federal Government has unveiled a draft Economic Policy Framework, aimed at strengthening investor confidence, promoting policy consistency and driving sustainable economic growth.
Minister of Finance and Coordinating Minister of the Economy, Prof Taiwo Oyedele stated this on Monday at the 32nd Nigerian Economic Summit (NES32), with the theme: “Growth that Works: Delivering Jobs, Productivity and Shared Prosperity”, in Abuja.
Nigeria’s major economic challenge is not a shortage of development plans but the absence of an enduring economic philosophy and disciplined implementation, even as policy uncertainty imposes an invisible tax on businesses, discouraging investment without generating revenue for the government.
Oyedele noted that frequent policy reversals, inadequate consultations and decisions unsupported by credible data had weakened businesses, discouraged investment and limited job creation.
The minister hinted that the proposed framework was not a development plan, capital projects catalogue or political manifesto, but a national economic doctrine to guide economic decisions.
This, he believed, 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,” he said.
Oyedele hinted that economic success should be measured by improvements in citizens’ livelihoods, including productive employment, higher agricultural yields and the growth of small businesses.
He pointed out that the Gross Domestic Product (GDP) growth remained important, but improvements in per capita income and domestic capital formation were essential for translating economic expansion into better living standards.
The minister identified seven interconnected systems underpinning the framework as stability, productivity, enterprise, capital, people, markets and institutions, saying that the systems must function together to build a resilient economy, supported by efficient infrastructure, logistics, education, healthcare and human capital development.
He outlined three non-negotiable principles for enterprise as the engine of growth, open but fair markets, and coordinated government policy-making.
Oyedele suggested that private businesses should drive production and employment, while the government provides public goods, upholds the rule of law, addresses market failures and protects vulnerable citizens.
He was optimistic that tariffs should support local industries to become competitive rather than provide permanent protection against competition, noting that the framework would also require the government institutions to consider the cumulative impact of their policies on businesses and the wider economy.
The minister proposed mandatory policy impact assessments before major economic interventions, including tax adjustments, tariff changes, regulatory restrictions and incentives to strengthen accountability.
He informed that the assessments should establish the problem being addressed, the supporting evidence, beneficiaries, costs and conditions for ending the intervention, proposing an annual National Economic Scorecard to be published on or before Nigeria’s next Independence Day.
Oyedele hinted that the scorecard would track key indicators, including real wages, productive employment and poverty reduction to measure the impact of government policies.
He maintained that the framework remains a consultation draft and yet to be approved as a government policy, adding that public consultations will run until November 27, with Nigerians invited to respond to 17 core questions through the Ministry of Finance website.
The minister assured that the framework would be presented to the Federal Executive Council (FEC) for approval and the National Economic Council for endorsement after validation.
He tasked the Nigerian Economic Summit Group (NESG) and private sector stakeholders to scrutinise the draft, provide evidence-based recommendations and help build national consensus.
Oyedele said that the initiative was intended to replace unpredictable policy-making with a transparent and consistent approach to economic management, stating that sustained economic progress required policies to be developed collaboratively, implemented responsibly and adjusted transparently when necessary.
The minister informed 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.
He was confident that Nigeria possessed the talent and enterprise needed for development, saying that policy certainty is critical to unlocking the country’s economic potential.
To this end, he called on stakeholders to support the initiative, adding that evidence-based policy-making would improve the durability and effectiveness of economic reforms.
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