Nigeria's federal government has proposed mandatory assessments of major tax, tariff and regulatory changes to reduce abrupt policy shifts that undermine business confidence and investor planning. The Nigerian Economic Policy Framework, unveiled by finance minister Taiwo Oyedele at the 32nd Nigerian Economic Summit in Abuja on Monday, would require economic interventions to demonstrate the problem they address, supporting evidence, who benefits, who bears costs and exit conditions. Oyedele said unpredictable government decisions impose hidden costs on businesses, with sudden regulatory changes and policies introduced without adequate evidence or consultation weakening investor confidence and limiting job creation. "Policy uncertainty is an invisible tax on enterprise. And unlike most taxes, it generates no revenue for governments. It only destroys value and discourages investment," he said.
The framework identifies seven priorities: stability, productivity, enterprise, capital, people, markets and institutions, all underpinned by three principles that private enterprise drives growth, markets should be open and competitive, and government institutions must coordinate. Under the proposed impact assessment requirement, major economic interventions including tax adjustments, tariff changes and regulatory restrictions would have to make the case for themselves before implementation. Oyedele said tariffs should give local industries room to develop rather than shield them indefinitely from competition, preventing industrial policies from becoming permanent protection for inefficient businesses.
To strengthen accountability, the government proposes publishing an annual National Economic Scorecard on or before October 1, Nigeria's Independence Day. The scorecard would track whether real wages are rising, productive jobs are increasing and poverty is declining, shifting assessment of economic performance beyond headline GDP growth. Oyedele said rising incomes, graduates securing productive employment, farmers increasing yields and small businesses expanding without excessive regulatory burdens should provide clearer evidence of progress than aggregate economic figures alone. "What gets publicly measured cannot be quietly ignored," he said.
The draft framework is open to public consultation through 17 core questions on the ministry of finance's website. Following consultation and validation, it is expected to proceed to the Federal Executive Council for approval and the National Economic Council for endorsement. Oyedele urged business leaders and stakeholders to contribute, saying the framework must be built around national consensus rather than the priorities of a single administration. More than 3.5 million young Nigerians enter the labour market annually, according to Oyedele, highlighting the need for stronger private-sector investment and productivity growth to translate economic expansion into better living standards and employment.