FG Opens Draft Economic Policy Framework for Consultation, Targets Policy Consistency

The Federal Government has unveiled a draft Economic Policy Framework for Nigeria to promote policy consistency, strengthen investor confidence and drive sustainable growth. Finance Minister and Coordinating Minister of the Economy Taiwo Oyedele announced it at the 32nd Nigerian Economic Summit (NES32) in Abuja on Monday, October 26, 2026.

The summit was themed “Growth that Works: Delivering Jobs, Productivity and Shared Prosperity.” The framework is designed to guide government plans, budgets and policies regardless of the administration in power, giving economic decisions a long-term basis.

Oyedele says policy uncertainty taxes enterprise

Oyedele said Nigeria’s main economic problem is not a shortage of development plans but the absence of an enduring economic philosophy and disciplined implementation. He said frequent policy reversals, inadequate consultations and decisions unsupported by credible data have weakened businesses, discouraged investment and limited job creation.

He described policy uncertainty as an extra burden on businesses. “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.

He said the draft is neither a development plan, a catalogue of capital projects nor a political manifesto. It is a national economic doctrine to guide economic decisions. “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 said progress should be measured by better livelihoods, including productive employment, higher agricultural yields and growth in small businesses. GDP growth remains important, but improvements in per capita income and domestic capital formation are also needed to turn expansion into better living standards. He has also set a target of single-digit inflation before the end of 2027.

Seven systems and three principles

The minister identified seven interconnected systems underpinning the framework: stability, productivity, enterprise, capital, people, markets and institutions. He said they must work together to build a resilient economy, supported by efficient infrastructure, logistics, education, healthcare and human capital development.

He outlined three non-negotiable principles. Enterprise should be the engine of growth, with private businesses driving production and employment. Markets should remain open but fair, allowing competition while supporting competitive local industries. Government policymaking should be coordinated, with institutions considering the cumulative effects of decisions on businesses and the wider economy.

Government should provide public goods, uphold the rule of law, address market failures and protect vulnerable citizens. On industrial policy, Oyedele said tariffs should help local industries become competitive rather than provide permanent protection from competition.

Consultation runs to November 27

The framework remains a consultation draft and has not become approved government policy. Public consultations will run until November 27, with Nigerians invited to answer 17 core questions through the Ministry of Finance website. After validation, the framework will go to the Federal Executive Council for approval and the National Economic Council for endorsement.

Oyedele urged the Nigerian Economic Summit Group and private sector stakeholders to scrutinise the draft, provide evidence-based recommendations and help build national consensus. In June 2026, he said the government would adopt a new framework for assessing economic performance, shifting focus from headline growth to measurable improvements in living standards and shared prosperity. The indicators include reductions in multidimensional poverty, growth in real income per capita and declining inequality, with regular updates to improve accountability.

For businesses, the draft signals a push to reduce policy reversals that raise planning costs. For the naira and consumers, the test will be whether the framework survives consultation and approval and delivers the consistency investors say they need.