Policy inconsistency has hindered Nigeria’s economic progress – Oyedele

… unveils Nigeria’s Economic Framework

… warns against policy interventions without preparation for consequences

The Minister of Finance and the Coordinating Minister of Economy, Taiwo Oyedele, has revealed that for a long time, the absence of an enduring economic philosophy, consistent policymaking, and disciplined implementation of reforms has hindered progress in Nigeria.

While presenting Nigeria’s Economic Policy Framework at the Nigerian Economic Summit in Abuja, the Minister noted that “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”.

He explained that “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”.

The Minister questioned that “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?” he questioned.

He Oyedele said 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”.

The Minister reaffirmed that the 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”.

He stated further that governments will come and go, but Nigeria’s economic horizon must outlive every electoral calendar.

“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,” the Minister noted.

The Framework organises 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.

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“So, at the heart of this Framework are three non-negotiable disciplines: 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.

“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.

“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,” he stated.

Oyedele said 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.

“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,” the Minister stated.