Economic Management Team Sets Up Committee to Harmonise Macroeconomic Assumptions
Oru Leonard
The Economic Management Team (EMT), has approved the establishment of an inter-agency committee to harmonise the macroeconomic assumptions used by government agencies in budgeting and economic planning.
A statement was issued by the Secretariat of the Economic Management Team, Federal Ministry of Finance, Abuja disclosed that the decision was reached at the EMT meeting held in Abuja on Monday, September 7, 2026, as the team reviewed developments across the economy, agriculture, trade and investment, manufacturing and preparations for major continental trade events.
The new committee will harmonise key assumptions covering crude oil prices and production volumes, exchange rates, inflation and non-oil revenue projections used by fiscal and monetary authorities.
According to the EMT, the move followed a joint budget retreat and technical validation workshop which identified inconsistent assumptions among government agencies as one of the factors contributing to budget under-performance.
The committee will also address inconsistencies in the reporting of key economic indicators within government, to external stakeholders and to the public.
The EMT noted that Nigeria’s real Gross Domestic Product (GDP), grew by 4.43 per cent year-on-year in the second quarter of 2026, representing the strongest quarterly growth since the third quarter of 2024, according to the National Bureau of Statistics.
It said the economy recorded about 17 per cent growth in US dollar terms during the first half of 2026.
The country’s external reserves also rose to more than $54 billion in early September 2026, representing their highest level in nearly 18 years, based on Central Bank of Nigeria data.
The naira has also strengthened, trading in the N1,300 range to the dollar in early September, alongside the increase in foreign reserves.
The team further noted that FTSE Russell had reclassified Nigeria from “Unclassified” to “Frontier Market” status, effective from the market opening on September 21, 2026.
The reclassification is expected to increase the visibility of Nigerian equities among international investors following the country’s return to the index after about three years.
The EMT was also briefed that Nigeria’s public debt remains below 40 per cent of GDP, while Moody’s sovereign credit outlook has moved from stable to positive.
The team said Nigeria’s economy, measured in purchasing-power-parity terms, is valued at more than $2.2 trillion, significantly higher than its nominal dollar GDP, reflecting the potential to reach the $1 trillion nominal GDP target by 2030.
The team also approved a revised Terms of Reference to strengthen its role in macroeconomic performance reviews, fiscal and monetary coordination, monitoring of Renewed Hope Agenda priorities and periodic assessment of Federal Government financing needs.
Under the new arrangement, the EMT will meet monthly and conduct at least two strategic sector reviews at each sitting.
To strengthen the reliability and coordination of official economic statistics, the Ministry of Finance has been designated as the coordinating custodian for national economic data, while relevant agencies will remain responsible for their respective datasets.
The EMT reviewed measures aimed at increasing agriculture’s contribution to Nigeria’s ambition of becoming a $1 trillion economy by 2030.
The measures include reducing post-harvest losses, expanding agricultural processing and mechanisation, strengthening export compliance and ensuring timely release of capital ahead of planting seasons.
The team also reviewed financing initiatives for the sector, including the planned recapitalisation of the Bank of Agriculture and the introduction of a new smallholder credit window.
It further set a target of increasing agriculture’s share of private-sector credit to 10 per cent by 2030.
Nigeria Prepares for CANEX 2026, IATF 2027
The EMT also reviewed Nigeria’s preparations to host the Creative Africa Nexus (CANEX) in November 2026 and the Intra-African Trade Fair (IATF) in November 2027 in Lagos.
The two events are expected to attract exhibitors, international buyers and, in the case of IATF, African heads of state, with organisers projecting significant trade and investment opportunities.
The Ministry of Finance was tasked with coordinating funding and customs facilitation, in collaboration with the Ministry of Industry, Trade and Investment, which will develop a consolidated action plan with designated ministerial responsibilities.
The Minister of Finance and Coordinating Minister of the Economy said the decisions taken at the meeting would strengthen the relationship between economic projections and actual outcomes.
“A single, harmonised set of assumptions across the fiscal and monetary authorities means fewer surprises in the budget and more credible planning for investors and all Nigerians,” the Minister said.
About the Economic Management Team (EMT)
The Economic Management Team (EMT) is the Federal Government’s high-level economic coordination platform under the Federal Ministry of Finance. Chaired by the Minister of Finance and Coordinating Minister of the Economy, it coordinates fiscal and monetary policies, monitors economic performance, promotes investment, manages economic shocks, and supports sectoral growth strategies.
The EMT serves as a central coordination mechanism for Nigeria’s economic policy, helping the Federal Government move from individual ministry policies to a more coordinated national economic strategy.
The Federal Ministry of Finance’s official publications show that the EMT has been actively reviewing Nigeria’s economic performance, trade and investment priorities, fiscal conditions and sector-specific growth strategies.
The statement was issued by the Secretariat of the Economic Management Team, Federal Ministry of Finance, Abuja.
