Nigeria’s government on Monday, 26 October 2026, presented a draft framework that would require an impact assessment before major tax, tariff and regulatory policy changes. Finance Minister Taiwo Oyedele unveiled the proposal in Abuja at the 32nd Nigerian Economic Summit. The framework remains a consultation draft, not a rule already in force.
As reported by Nigerian newspapers TheCable and BusinessDay, the minister said significant policy interventions would have to identify the problem they aim to solve, the evidence behind them, who would benefit, who would bear the costs and the conditions for ending them. Tax changes, import tariffs, regulatory restrictions and incentives are among the measures envisaged.
For businesses, the central issue is predictability when making investment and operating decisions. Oyedele criticised frequent policy reversals that can disrupt production, financing and hiring plans. The draft seeks an explicit assessment of those consequences before new interventions are introduced, rather than imposing a new tax immediately.
The proposed framework sets out seven broad areas, including stability, productivity, enterprise, capital, people, markets and institutions. It also envisages a national economic scorecard, published annually by 1 October, measuring real wages, productive employment and poverty alongside wider economic growth indicators.
On trade policy, Oyedele argued that tariffs should help local industries become competitive without shielding them permanently from competition. After public consultation, the draft is expected to go to the Federal Executive Council for approval and the National Economic Council for endorsement. No final adoption was announced at its unveiling.
The 32nd Nigerian Economic Summit is taking place in Abuja on 26 and 27 October, focusing on jobs, productivity and shared prosperity.