Economic Management Team Advances a Coordinated Framework for Nigeria’s Economic Policy

PRESS RELEASE

Economic Management Team Advances a Coordinated Framework for Nigeria’s Economic Policy

The Economic Management Team (EMT), chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, has advanced discussions on a proposed Economic Policy Framework aimed at ensuring greater coordination, consistency and accountability in the formulation and implementation of economic policies across government.

The proposed framework, which was presented at the EMT meeting, is designed to provide common principles for policymaking, establish measurable outcomes and strengthen coordination across fiscal, monetary, trade, investment, industrial, regulatory and other economic policies. It is intended as a long-term national framework rather than a replacement for the National Development Plan, annual budgets or sector-specific strategies.

The EMT agreed that the proposed framework should undergo further consultation with relevant Ministries, Departments and Agencies, sub-national governments, the private sector and other stakeholders before being submitted through the appropriate approval processes.

The meeting also identified inflation reduction as a key priority, with discussions focusing on coordinated fiscal and structural measures, particularly in agriculture and food security, productivity, energy, trade and supply-chain challenges.

The EMT further discussed trade, investment and industrialisation, stressing the need for policies that promote competitiveness, attract investment at scale and expand Nigeria’s access to regional and global markets, particularly through the African Continental Free Trade Area (AfCFTA). The meeting emphasised that protection measures such as tariffs and local-content requirements should be targeted, time-bound and linked to measurable outcomes.

Members also considered stronger Federal Government and sub-national coordination, improved economic data and statistics, institutional accountability, policy impact assessment, and mechanisms for measuring economic performance through regular scorecards and reporting.

The meeting was attended by the Honourable Minister of Aviation and Aerospace Development, Festus Keyamo, SAN; Honourable Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole; Honourable Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani; Honourable Minister of Regional Development, Abubakar Momoh; Honourable Minister of Humanitarian Affairs and Poverty Reduction, Bernard Doro; Honourable Minister of Art, Culture, Tourism and the Creative Economy, Hannatu Musa Musawa; and Minister of State for Budget, Dr. Doris Uzoka-Anite.

Also in attendance were Dr. Tope Fasua, Special Adviser to the President; some permanent secretaries; director representing the Central Bank of Nigeria among other senior government officials.

Signed:

Mary-Ann Duke Okon
Senior Special Assistant On Communications & Press Secretary To The Honorable Minister Of Finance & Coordinating Minister Of The Economy.