The Federal Government has unveiled a draft Economic Policy Framework aimed at ensuring policy consistency across successive administrations, boosting investor confidence and driving sustainable economic growth.
Taiwo Oyedele, Finance Minister and Coordinating Minister of the Economy, announced the proposed framework on Monday, October 26, 2026, at the 32nd Nigerian Economic Summit (NES32) in Abuja. The summit was themed “Growth that Works: Delivering Jobs, Productivity and Shared Prosperity.”
The framework is designed to provide enduring principles for government policies, budgets and economic decisions, regardless of which administration is in power. Oyedele said Nigeria’s economic challenge was not a shortage of development plans but the absence of a consistent economic philosophy backed by disciplined implementation.
He identified frequent policy reversals, inadequate consultations and decisions unsupported by credible data as factors that weaken businesses, discourage investment and constrain job creation.
Describing policy uncertainty as an additional burden on businesses, the minister said it undermines investment without generating revenue for the government. “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.
Oyedele explained that the proposed framework was neither a conventional development plan nor a catalogue of capital projects or political manifesto. Rather, it is intended to serve as a national economic doctrine to guide decision-making over the long term.
“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.
The minister said Nigeria’s economic performance should be measured not only by gross domestic product (GDP) growth but also by improvements in citizens’ livelihoods.
These include the creation of productive jobs, higher agricultural yields, growth in small businesses and increases in real household incomes.
He stressed that rising per capita income and domestic capital formation were essential to ensuring that economic expansion translated into better living standards.
The approach reflects the government’s proposed shift towards measuring economic performance through outcomes that directly affect households, rather than relying solely on headline growth figures.
Oyedele identified seven interconnected systems underpinning the proposed framework: stability, productivity, enterprise, capital, people, markets and institutions.
He said the systems must work together to build a resilient economy, supported by efficient infrastructure, logistics, education, healthcare and human capital development.
The minister also outlined three core principles for economic management.
First, enterprise should drive economic growth, with private businesses leading production, investment and job creation.
Second, markets should remain open and fair, promoting competition while enabling domestic industries to become more competitive.
Third, government policies must be coordinated, with public institutions considering the cumulative impact of their decisions on businesses and the wider economy.
He said the government should focus on providing public goods, upholding the rule of law, correcting market failures and protecting vulnerable citizens.
On industrial policy, Oyedele maintained that tariffs should help local industries develop the capacity to compete rather than shield them permanently from competition.
