FG proposes mandatory impact assessments before major economic policy changes
Taiwo Oyedele, minister of finance and coordinating minister of the economy, says the federal government is proposing mandatory impact assessments before major economic policy changes to reduce uncertainty for businesses and investors.
Oyedele spoke on Monday at the 32nd Nigerian economic summit (NES) in Abuja, while presenting the proposed Nigeria economic policy framework for public consultation.
He said the framework would require policymakers to explain the problems a proposed intervention seeks to solve, the evidence supporting it, who would benefit, who would bear the cost, and the conditions under which the policy would end.
The framework, which he said is still a consultation draft, is intended to establish enduring principles for economic policymaking across successive administrations rather“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 said frequent policy reversals, inadequate impact assessments and limited consultation with businesses had undermined investment and 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. than serve as a development plan or the manifesto of a particular government.
” 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 said frequent policy reversals, inadequate impact assessments and limited consultation with businesses had undermined investment and 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.
According to Oyedele, the proposed framework would organise Nigeria’s economic priorities around seven interconnected areas: stability, productivity, enterprise, capital, people, markets and institutions.
He said the framework would also introduce an annual national economic scorecard, to be published on or before October 1, to track indicators such as real wages, productive employment, and poverty.
“GDP growth matters, but per capita income matters even more,” he said, adding that economic progress should be measured by improvements in household incomes, employment, and business productivity rather than aggregate figures alone.
Oyedele said the framework would be guided by three principles: enterprise as the engine of growth, open but fair markets, and coordination across government institutions.
He said the government would support private enterprise by providing public goods, maintaining the rule of law, addressing market failures and protecting vulnerable groups.
‘TARIFFS SHOULD SUPPORT DEVELOPMENT OF INDUSTRIES’
On trade policy, he said tariffs should support the development of local industries rather than shield inefficient businesses from competition indefinitely.
“A tariff must serve as a runway for local industry to take off, never a permanent shelter from competition,” he said.
Oyedele said the framework will be open for public consultation from November 27, 2026, with Nigerians invited to respond to 17 questions through the federal ministry of finance’s website.
He said the draft would proceed to the federal executive council for approval and the national economic council for endorsement after the consultation and validation process.
Oyedele urged businesses and other stakeholders to scrutinise the proposals and submit evidence-based recommendations.
