Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, has unveiled the draft Economic Policy Framework for Nigeria.
Speaking at the unveiling of the framework at the 32nd Nigerian Economic Summit (NES32), with the theme; “Growth that Works: Delivering Jobs, Productivity and Shared Prosperity”, on Monday in Abuja, Mr. Oyedele said that the framework was aimed at promoting policy consistency, strengthening investor confidence and driving sustainable economic growth.
Oyedele explained that 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 explained that 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 noted 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 Nigerian finance minister identified seven interconnected systems underpinning the framework: stability, productivity, enterprise, capital, people, markets and institutions.
According to him, 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 that tariffs should support local industries to become competitive rather than provide permanent protection against competition.
The minister added that the framework would also require government institutions to consider the cumulative impact of their policies on businesses and the wider economy.
While proposing the mandatory policy impact assessments before major economic interventions, including tax adjustments, tariff changes, regulatory restrictions and incentives are made, Oyedele said that it would assist in strengthening accountability.
He said that the assessments should establish the problems 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.
GIK/APA