Odimmegwa Johnpeter/Abuja
Nigeria’s Economic Management Team EMT has approved the establishment of an inter-agency committee to harmonise key macroeconomic assumptions used in government budgeting and economic planning, as part of broader efforts to strengthen policy coordination and accelerate growth in strategic sectors.
The decision was announced following a meeting of the EMT in Abuja on Monday, where members reviewed developments across the economy, agriculture, trade, investment and preparations for major continental trade events to be hosted by Nigeria.
According to the EMT, the new committee will align government assumptions on crude oil prices and production, exchange rates, inflation and non-oil revenue projections. Officials said the move was prompted by findings from recent budget review exercises which identified inconsistent assumptions among agencies as a factor in budget under-performance. The committee will also work to improve consistency in the reporting of economic indicators within government and to the public.
The EMT highlighted a number of positive economic indicators, noting that Nigeria’s economy expanded by 4.43 per cent year-on-year in the second quarter of 2026, the strongest quarterly growth since the third quarter of 2024. External reserves have risen above $54 billion, while the naira has strengthened to its highest levels in approximately two years, trading in the N1,300 range against the US dollar.
The team also welcomed the decision by FTSE Russell to reclassify Nigeria as a Frontier Market, effective 21 September 2026, a development expected to increase the visibility of Nigerian equities among international investors. Members were further briefed that public debt remains below 40 per cent of GDP and that Moody’s has upgraded Nigeria’s sovereign credit outlook from stable to positive.
As part of efforts to improve governance and economic management, the EMT adopted revised terms of reference that expand its role to include reviews of macroeconomic performance, stronger fiscal and monetary coordination and monitoring of key government priorities.
The body will now meet monthly and conduct at least two strategic sector reviews at each sitting. The Ministry of Finance was also designated as the coordinating custodian of national economic data.
In the agriculture sector, the EMT reviewed proposals aimed at increasing the sector’s contribution to Nigeria’s ambition of achieving a $1 trillion economy by 2030. Measures under consideration include reducing post-harvest losses, expanding processing and mechanisation, improving export compliance and strengthening access to finance through a planned recapitalisation of the Bank of Agriculture and a new smallholder credit programme.
The meeting also assessed Nigeria’s readiness to host the Creative Africa Nexus CANEX in November 2026 and the Intra-African Trade Fair IATF in November 2027. Officials said both events are expected to attract significant investment and trade opportunities, with the Ministry of Finance tasked with coordinating funding arrangements and customs facilitation.
Speaking on the outcomes of the meeting, the Minister of Finance and Coordinating Minister of the Economy said a harmonised set of assumptions across fiscal and monetary authorities would improve budget credibility and provide investors with greater confidence in Nigeria’s economic planning framework.
END
