The Federal Government has proposed mandatory impact assessments before introducing major economic policy changes, in a move aimed at reducing uncertainty for businesses and improving investor confidence.

Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, presented the proposed Nigeria Economic Policy Framework at the 32nd Nigerian Economic Summit in Abuja on October 26.

Under the proposal, policymakers would be expected to explain the problem a new policy seeks to solve, the evidence supporting it, who would benefit, who would bear the costs and the conditions for ending the intervention.

The framework is intended to address concerns that sudden policy changes, inadequate consultation and frequent reversals can increase business costs and discourage investment.

It identifies seven priority areas: stability, productivity, enterprise, capital, people, markets and institutions.

The government also proposes introducing an annual National Economic Scorecard to measure progress using indicators such as real wages, productive employment and poverty levels.

The scorecard would help assess whether economic growth is translating into improved living standards rather than relying solely on gross domestic product figures.

On trade policy, Oyedele said tariffs should help local industries develop and become competitive instead of protecting inefficient businesses indefinitely.

The draft framework is expected to undergo public consultation beginning November 27, 2026. Nigerians and other stakeholders will be invited to provide feedback before the document proceeds to the Federal Executive Council for approval and the National Economic Council for endorsement.

If adopted, the framework could influence how future governments design and evaluate major economic interventions.

However, its effectiveness will depend on implementation, transparency and whether policymakers consistently follow the proposed assessment requirements.

SOURCE: AdamaPope