The Minister of Finance, Taiwo Oyedele, has said that the Federal Government will adopt a new framework for assessing Nigeria’s economic performance.
According to him, the government is shifting emphasis from headline growth figures to measurable improvements in living standards and shared prosperity.
Oyedele disclosed the initiative at the BusinessDay CEO Forum 2026, where he outlined plans to track economic success through reductions in multidimensional poverty, growth in real income per capita, and declining levels of inequality.
Oyedele said the government will provide regular updates on these indicators and improve accountability to citizens.
What they are saying
Speaking at the forum, Oyedele said the administration intends to evaluate economic performance based on outcomes that directly affect citizens rather than relying solely on traditional growth statistics.
- “We will measure shared prosperity based on the reduction in the number of people living in multidimensional poverty, the increase in real income per capita, and the reduction in inequality,” he said.
- “We think the combined impact of those three measures will tell us whether our growth is inclusive and whether our prosperity is shared.”
He noted that the planned public reporting platform would give Nigerians greater visibility into the impact of government policies and strengthen transparency in economic management.
According to him, making economic data more accessible is part of the government’s broader commitment to accountability.
More insights
Addressing business leaders, investors, and development partners, Oyedele stressed that attracting international investment requires more than patriotic appeals.
- He argued that global capital is increasingly driven by policy consistency, institutional strength, and predictable business environments.
- “Every single morning, trillions of US dollars flow through international financial markets. That capital has no passport. It has no tribe and no political affiliation. It does not respond to emotional appeals or patriotic rhetoric. It responds to stable policy, strong institutions, and diligent execution of policies,” he said.
To position Nigeria as a preferred investment destination, Oyedele pledged improvements in regulatory certainty, institutional credibility, and adherence to the rule of law.
Focus on policy coordination and stability
A major theme of the minister’s presentation was the need for greater coordination across government institutions to eliminate policy inconsistencies and administrative bottlenecks.
- He highlighted ongoing collaboration between fiscal and monetary authorities, noting that reforms aimed at strengthening expenditure controls, expanding non-oil revenues, and ensuring sustainable debt management are being pursued alongside efforts to maintain exchange-rate and price stability.
According to him, stronger alignment between fiscal and monetary policy is critical to sustaining investor confidence and long-term economic planning.
- “Our aim is to avoid policy surprises, no sudden reversals, and no administrative friction. We are aligned, coordinated, and committed to strategic clarity,” Oyedele said.
He added that the coordination effort extends beyond federal agencies and includes state governments, private-sector stakeholders, and international partners.
Government maintains confidence in $1 trillion economy target
Oyedele also defended Nigeria’s ambition to grow into a $1 trillion economy by 2030, despite concerns from some analysts about the feasibility of the target.
According to him, the goal is achievable because the government has moved beyond broad aspirations to detailed implementation planning.
- “We believe it’s possible, it is feasible, and it is realistic. And we are not saying it just because it’s nice to say it,” he said.
The minister revealed that the government has identified priority growth sectors, mapped emerging economic opportunities, assigned responsibilities to relevant institutions, and established timelines for execution.
He added that expected contributions from each intervention have also been quantified to ensure measurable outcomes.
What you should know
The announcement comes as Nigeria records improving macroeconomic indicators following a series of reforms implemented over the past two years.
Recent data show stronger economic growth, lower inflation compared with 2025 levels, rising external reserves approaching $50 billion, and improved stability in the foreign exchange market.
However, challenges remain, including weak oil production, constrained credit conditions, fragile consumer purchasing power, and persistent power sector constraints that continue to weigh on productivity and economic expansion.
The new framework signals a shift in focus from headline GDP growth toward broader measures of economic well-being, with the government seeking to demonstrate that growth is translating into tangible improvements in the lives of Nigerians.
S9URCE: Nairametrics