The Nigerian government is proposing mandatory impact assessments before introducing major economic policy changes in a move aimed at reducing uncertainty for businesses and investors.
Taiwo Oyedele, minister of finance and coordinating minister of the economy, announced the proposal on Monday at the 32nd Nigerian Economic Summit (NES) in Abuja.
He spoke while presenting the proposed Nigeria Economic Policy Framework for public consultation.
The framework is intended to improve policy predictability by ensuring that the potential effects of major economic decisions are assessed before they are implemented.
Frequent or unexpected policy changes can create uncertainty for businesses and investors, making it difficult for them to plan, allocate resources and make long-term investment decisions.
The proposed requirement would seek to make the policymaking process more evidence-based by considering the likely economic consequences of decisions before they take effect.
The framework is being presented for public consultation, allowing stakeholders to contribute to discussions on the proposed policy direction.
Further details on how the mandatory assessments would be conducted, the policies they would cover and when the proposal could take effect were not provided in the information available.
