Finance minister Taiwo Oyedele has asked Nigerians to comment on a draft Nigeria Economic Policy Framework, a set of rules meant to stop future governments from easily reversing the reforms of the past three years. He presented it at the 32nd Nigerian Economic Summit in Abuja on 26 October.
"We now need to lock it in, in institutions, in law, as well as policy framework, so that it can be enduring," he said.
What the framework would do:
The draft is built around seven themes: stability, productivity, enterprise, capital, people, markets and institutions. Two proposals stand out.
Policy impact assessments. Before any major intervention, such as a tax change, a tariff, an import restriction or an incentive, the government would have to set out the problem, the evidence, who pays, who benefits and when the measure ends.
A national economic scorecard. An annual report would track whether growth actually improves lives, using real wages, productive jobs and poverty levels.
Whether parts of the framework will be backed by law is still being decided. Public consultation closes on 27 November, after which it goes to the Federal Executive Council and the National Economic Council.
Why now:
The reforms in question include removing the petrol subsidy and changing the foreign exchange system. Both were painful, and both could be undone by a future government. The presidential election is on 16 January 2027.
"Policy uncertainty is an invisible tax on enterprise," Oyedele said. He defended the subsidy removal: "Let's not suppress prices. Let's focus on raising income."
He also questioned protectionism. Locally assembled vehicles, he said, have only about 5% local content despite tariffs and levies of up to 60%, and protection should be temporary and tied to performance. He set a target of inflation in low single digits before the end of 2027.
What it means for you:
For businesses, the appeal is predictability. A rule that every new tax, ban or tariff must come with evidence and an end date would make sudden policy U-turns harder, and that matters for anyone planning to invest for years rather than months.
For households, the scorecard is the part to watch. If it is published honestly every year, it gives Nigerians a single place to check whether reforms are reaching wages and jobs, not just headline growth figures. You can read the draft and send comments to the Ministry of Finance until 27 November.