GrandDaddy

𝐏𝐫𝐞𝐬𝐞𝐧𝐭𝐢𝐧𝐠 𝐍𝐢𝐠𝐞𝐫𝐢𝐚'𝐬 𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐏𝐨𝐥𝐢𝐜𝐲 𝐅𝐫𝐚𝐦𝐞𝐰𝐨𝐫𝐤 From Policy Uncertainty to National Economic Consensus Speaker: Mr. Taiwo Oyedele, Minister of Finance and Coordinating Minister of the Economy Event: Opening Presentation, 32nd Nigerian Economic Summit (NES#32) Protocols Excellencies, Honourable Ministers, Distinguished Lawmakers, Chairman and Board of the NESG, Business Leaders, Development Partners, Members of the Diplomatic Community, Delegates from Home and Abroad, Ladies and Gentlemen: Over the past four decades, Nigeria has produced numerous economic blueprints, development plans and reform programmes. Yet, if development plans alone created prosperity, Nigeria would already be among the wealthiest nations in the world. Our challenge has never been a shortage of ambition or good ideas. It has been the absence of an enduring economic philosophy, consistent policymaking and disciplined implementation. Too often, the progress achieved through one reform is undermined by another policy, while our economic direction is reinvented with changing administrations. Consider our approach to policymaking. How often have regulators announced major policies without sufficient evidence or rigorous impact assessment? How often have critical rules changed, and said to be effective immediately ”, without giving businesses time to adjust? How often have policies been driven more by personal preferences and anecdotal impressions than by credible data? And how often have regulations been designed for the convenience of the regulator rather than the competitiveness of the economy, with little meaningful consultation with those expected to comply? The consequences are significant. Businesses cannot plan with confidence. Investors hesitate. Capital becomes more expensive. Opportunities are lost, and jobs that could have been created never materialise. 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. This is the fundamental challenge the proposed Nigeria Economic Policy Framework seeks to address. Today, on behalf of the Federal Government, I present for public consultation the Nigeria Economic Policy Framework. For the avoidance of doubt, this document is not a development plan. It is not a catalogue of capital projects. And it is not the manifesto of an administration. It is a national economic doctrine. It establishes how Nigeria makes economic decisions, the non-negotiable principles that guide them, and how we measure real progress. Governments will come and go, but Nigeria’s economic horizon must outlive every electoral calendar. The Vision and Enduring Outcomes 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. Success cannot be declared in aggregate numbers alone. It must be proven on the ground: • A university graduate securing productive employment; • A farmer harvesting higher yields with low post-harvest losses; • A small business scaling without being crushed by overlapping taxes, arbitrary regulation, and punitive financing costs. GDP growth matters, but per capita income matters more. Investment announcements look good on paper, but actual domestic capital formation transforms lives. To guide this transformation, the Framework organises our priorities around Seven Interconnected Systems: Stability, Productivity, Enterprise, Capital, People, Markets, and Institutions. An economy is only as resilient as its weakest link. We cannot engineer competitive industries without enabling infrastructure and efficient logistics; nor can we sustain growth without radical investments in education, health, and human capital. Principles for Disciplined Policymaking So, at the heart of this Framework are three non-negotiable disciplines: 1. Enterprise as the Engine of Growth: Private enterprise generates production and employment; the state exists to provide public goods, maintain rule of law, correct genuine market failures, and protect the vulnerable. 2. Open but Fair Markets: We champion industrial policy, but not perpetual protection for inefficiency. A tariff must serve as a runway for local industry to take off—never a permanent shelter from competition. 3. Whole-of-Government Coherence: Businesses do not interact with isolated ministries, departments, or agencies; they experience the cumulative cost of government. Every institution must align to optimise the whole national economy, not expand bureaucratic mandates. To institutionalise this discipline, the Framework introduces a structural requirement: The Policy Impact Statement. Under the Framework, no major economic intervention—whether a tax adjustment, a tariff shift, a regulatory restriction, or an incentive—should occur without answering fundamental questions on the record: What specific problem does this solve? What empirical data backs it? Who benefits, who bears the cost, and under what conditions will it sunset ? Ad-hoc rulemaking must give way to transparent, predictable governance. Accountability: The National Economic Scorecard To ensure accountability, we propose an annual National Economic Scorecard, published every year on or before Independence Day. A single, transparent page showing whether real wages are rising, whether productive jobs are multiplying, and whether poverty is retreating. What gets publicly measured cannot be quietly ignored. A Framework Shaped by Consensus This document is a consultation draft, not approved government policy. We deliberately bring it first to the NESG because this platform embodies the institutional dialogue required to build national consensus. Beginning today through 27 November 2026, this framework is open for public scrutiny across seventeen core questions via finance.gov.ng/resource-nige…. Following validation, it will proceed to the Federal Executive Council for approval and the National Economic Council for endorsement. I invite the NESG and the private sector to contribute to this draft, critique it rigorously, and help us turn it into an enduring covenant. Conclusion The defining advantage of any great nation is neither the oil under its soil nor the size of its population. It is the capacity to make sound, disciplined decisions and sustain them across generations. Nigeria has the talent. We have the enterprise. What we must now build together is policy certainty. Let NES#32 mark the day we begin to trade ad-hoc experimentation for an enduring national accord. Thank you, and God bless the Federal Republic of Nigeria.