Nigeria’s Economic Management Team Harmonises Fiscal, Monetary Projections

Nigeria’s Economic Management Team (EMT) has approved the establishment of a committee to harmonise the macroeconomic assumptions and projections used by the country’s fiscal and monetary institutions.

The Coordinating Minister of the Economy and Minister of Finance, Taiwo Oyedele, who chaired the EMT meeting earlier this week, said the move was aimed at addressing a long-standing gap that had contributed to budget under-performance.

According to Oyedele, the committee is expected to strengthen policy coordination and improve the credibility of budget implementation.

The team also reviewed the state of the Nigerian economy, including 4.43 per cent real GDP growth in the second quarter of 2026, approximately 17 per cent growth in the first half of the year in US dollar terms, and foreign exchange reserves of more than $54 billion, which he described as an 18-year high.

The meeting also noted Nigeria’s recent reclassification to Frontier Market status by FTSE Russell, alongside other developments in the economy.

Agriculture’s contribution to national development and the Federal Government’s ambition of building a $1 trillion economy were also examined.

The team further reviewed preparations for two major international trade and investment events — CANEX 2026 and IATF 2027 — which the government says are part of efforts to attract investment and strengthen Nigeria’s position in global markets.

Oyedele said the developments reflected the government’s commitment to improving economic management, sustaining growth, attracting investment and enhancing Nigeria’s competitiveness.

Ministers who attended the meeting included the Minister of Agriculture and Food Security, Abubakar Kyari; Minister of Budget and Economic Planning, Abubakar Bagudu; Minister of Humanitarian Affairs and Poverty Reduction, Bernard Doro; Minister of Industry, Trade and Investment, Jumoke Oduwole; Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo; and Minister of Regional Development, Abubakar Momoh.

Also in attendance were the Permanent Secretaries of Finance and Transportation, Special Adviser to the President on Economic Affairs Tope Fasua, and representatives of the Central Bank of Nigeria.