𝐏𝐫𝐞𝐬𝐞𝐧𝐭𝐢𝐧𝐠 𝐍𝐢𝐠𝐞𝐫𝐢𝐚'𝐬 𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐏𝐨𝐥𝐢𝐜𝐲 𝐅𝐫𝐚𝐦𝐞𝐰𝐨𝐫𝐤 From Policy Uncertainty to National Economic Consensus Speaker: Mr. Taiwo Oyedele, Minister of Finance and Coordinating Minister of the Economy Event: Opening Presentation, 32nd Nigerian Economic Summit (NES#32) Protocols Excellencies, Honourable Ministers, Distinguished Lawmakers, Chairman and Board of the NESG, Business Leaders, Development Partners, Members of the Diplomatic Community, Delegates from Home and Abroad, Ladies and Gentlemen: Over the past four decades, Nigeria has produced numerous economic blueprints, development plans and reform programmes. Yet, if development plans alone created prosperity, Nigeria would already be among the wealthiest nations in the world. Our challenge has never been a shortage of ambition or good ideas. It has been the absence of an enduring economic philosophy, consistent policymaking and disciplined implementation. Too often, the progress achieved through one reform is undermined by another policy, while our economic direction is reinvented with changing administrations. Consider our approach to policymaking. How often have regulators announced major policies without sufficient evidence or rigorous impact assessment? How often have critical rules changed, and said to be effective immediately ”, without giving businesses time to adjust? How often have policies been driven more by personal preferences and anecdotal impressions than by credible data? And how often have regulations been designed for the convenience of the regulator rather than the competitiveness of the economy, with little meaningful consultation with those expected to comply? The consequences are significant. Businesses cannot plan with confidence. Investors hesitate. Capital becomes more expensive. Opportunities are lost, and jobs that could have been created never materialise. Policy uncertainty is an invisible tax on enterprise. And unlike most taxes, it generates no revenue for government—it only destroys value and discourages investment. This is the fundamental challenge the proposed Nigeria Economic Policy Framework seeks to address. Today, on behalf of the Federal Government, I present for public consultation the Nigeria Economic Policy Framework. For the avoidance of doubt, this document is not a development plan. It is not a catalogue of capital projects. And it is not the manifesto of an administration. It is a national economic doctrine. It establishes how Nigeria makes economic decisions, the non-negotiable principles that guide them, and how we measure real progress. Governments will come and go, but Nigeria’s economic horizon must outlive every electoral calendar. The Vision and Enduring Outcomes Our vision is simple but profound: a productive, competitive, diversified, and inclusive economy that delivers quality jobs, expands real household incomes, and creates shared prosperity. Success cannot be declared in aggregate numbers alone. It must be proven on the ground: • A university graduate securing productive employment; • A farmer harvesting higher yields with low post-harvest losses; • A small business scaling without being crushed by overlapping taxes, arbitrary regulation, and punitive financing costs. GDP growth matters, but per capita income matters more. Investment announcements look good on paper, but actual domestic capital formation transforms lives. To guide this transformation, the Framework organises our priorities around Seven Interconnected Systems: Stability, Productivity, Enterprise, Capital, People, Markets, and Institutions. An economy is only as resilient as its weakest link. We cannot engineer competitive industries without enabling infrastructure and efficient logistics; nor can we sustain growth without radical investments in education, health, and human capital. Principles for Disciplined Policymaking So, at the heart of this Framework are three non-negotiable disciplines: 1. Enterprise as the Engine of Growth: Private enterprise generates production and employment; the state exists to provide public goods, maintain rule of law, correct genuine market failures, and protect the vulnerable. 2. Open but Fair Markets: We champion industrial policy, but not perpetual protection for inefficiency. A tariff must serve as a runway for local industry to take off—never a permanent shelter from competition. 3. Whole-of-Government Coherence: Businesses do not interact with isolated ministries, departments, or agencies; they experience the cumulative cost of government. Every institution must align to optimise the whole national economy, not expand bureaucratic mandates. To institutionalise this discipline, the Framework introduces a structural requirement: The Policy Impact Statement. Under the Framework, no major economic intervention—whether a tax adjustment, a tariff shift, a regulatory restriction, or an incentive—should occur without answering fundamental questions on the record: What specific problem does this solve? What empirical data backs it? Who benefits, who bears the cost, and under what conditions will it sunset ? Ad-hoc rulemaking must give way to transparent, predictable governance. Accountability: The National Economic Scorecard To ensure accountability, we propose an annual National Economic Scorecard, published every year on or before Independence Day. A single, transparent page showing whether real wages are rising, whether productive jobs are multiplying, and whether poverty is retreating. What gets publicly measured cannot be quietly ignored. A Framework Shaped by Consensus This document is a consultation draft, not approved government policy. We deliberately bring it first to the NESG because this platform embodies the institutional dialogue required to build national consensus. Beginning today through 27 November 2026, this framework is open for public scrutiny across seventeen core questions via finance.gov.ng/resource-nige…. Following validation, it will proceed to the Federal Executive Council for approval and the National Economic Council for endorsement. I invite the NESG and the private sector to contribute to this draft, critique it rigorously, and help us turn it into an enduring covenant. Conclusion The defining advantage of any great nation is neither the oil under its soil nor the size of its population. It is the capacity to make sound, disciplined decisions and sustain them across generations. Nigeria has the talent. We have the enterprise. What we must now build together is policy certainty. Let NES#32 mark the day we begin to trade ad-hoc experimentation for an enduring national accord. Thank you, and God bless the Federal Republic of Nigeria.

𝐍𝐈𝐆𝐄𝐑𝐈𝐀 𝐄𝐂𝐎𝐍𝐎𝐌𝐈𝐂 𝐏𝐎𝐋𝐈𝐂𝐘 𝐅𝐑𝐀𝐌𝐄𝐖𝐎𝐑𝐊 Today at the 32nd Nigerian Economic Summit (#NES32), the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, presented the proposed Nigeria Economic Policy Framework for public consultation. Policy uncertainty is an invisible tax on enterprise. Unlike most taxes, it raises no revenue. It only destroys value and discourages investment. The Framework is not a development plan, a list of projects or the manifesto of any administration. It is a national economic doctrine that sets out: • how Nigeria makes economic decisions; • the principles that guide them; and • how we measure real progress. Two proposals stand out: • A Policy Impact Statement for every major economic intervention: what problem it solves, the evidence behind it, who benefits, who bears the cost, and when it will end. • An annual National Economic Scorecard, published on or before Independence Day, showing whether real wages are rising, productive jobs are growing and poverty is falling. This is a consultation draft, not approved government policy, and it must be shaped by national consensus. The consultation is open until 27 November 2026, at finance.gov.ng/resource-nige… We invite businesses, professionals, academics, civil society and every Nigerian to contribute, critique it rigorously and help turn it into an enduring national accord. #NES32 #NigeriaEconomicPolicyFramework

𝐅𝐄𝐃𝐄𝐑𝐀𝐋 𝐌𝐈𝐍𝐈𝐒𝐓𝐑𝐘 𝐎𝐅 𝐅𝐈𝐍𝐀𝐍𝐂𝐄 𝐏𝐑𝐄𝐒𝐒 𝐑𝐄𝐋𝐄𝐀𝐒𝐄 𝘈𝘣𝘶𝘫𝘢, 𝘕𝘪𝘨𝘦𝘳𝘪𝘢 — 9 𝘖𝘤𝘵𝘰𝘣𝘦𝘳 2026 𝐓𝐡𝐞 𝐍𝐍𝐏𝐂 𝐑𝐞𝐭𝐚𝐢𝐥 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐈𝐬 𝐍𝐨𝐭 𝐚 𝐒𝐮𝐛𝐬𝐢𝐝𝐲: 𝐍𝐨 𝐏𝐮𝐛𝐥𝐢𝐜 𝐌𝐨𝐧𝐞𝐲 𝐈𝐬 𝐈𝐧𝐯𝐨𝐥𝐯𝐞𝐝 𝘛𝘩𝘦 𝘥𝘪𝘴𝘤𝘰𝘶𝘯𝘵 𝘭𝘰𝘸𝘦𝘳𝘴 𝘱𝘳𝘪𝘤𝘦𝘴 𝘧𝘰𝘳 𝘤𝘰𝘯𝘴𝘶𝘮𝘦𝘳𝘴 𝘢𝘯𝘥 𝘤𝘢𝘯 𝘴𝘵𝘳𝘦𝘯𝘨𝘵𝘩𝘦𝘯 𝘕𝘕𝘗𝘊 𝘙𝘦𝘵𝘢𝘪𝘭’𝘴 𝘣𝘶𝘴𝘪𝘯𝘦𝘴𝘴 𝘢𝘯𝘥 𝘱𝘳𝘰𝘧𝘪𝘵𝘴 𝘢𝘵 𝘵𝘩𝘦 𝘴𝘢𝘮𝘦 𝘵𝘪𝘮𝘦. Since 1 October 2026, motorists have been paying less for petrol at NNPC Retail Limited stations, following a discount on the company’s retail margin. We welcome the relief this brings to households, commuters and transporters. Some commentators have described the discount as a return of fuel subsidy. That is not correct. Here, plainly, is what the discount is and what it is not. 1. 𝐀 𝐌𝐚𝐫𝐠𝐢𝐧 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐚𝐧𝐝 𝐚 𝐒𝐮𝐛𝐬𝐢𝐝𝐲 𝐀𝐫𝐞 𝐍𝐨𝐭 𝐭𝐡𝐞 𝐒𝐚𝐦𝐞 Every marketer adds a margin to the price it pays for the fuel it sells. A margin discount means the retailer chooses to take a smaller margin, or no margin at all for a period, and passes the saving to the customer. The cost of the discount is borne by the retailer alone. A subsidy is different. It is when government pays part of the price the consumer would otherwise pay. That money comes from public revenue — funds that would otherwise go to salaries, schools, hospitals and infrastructure. That is the regime this administration ended in 2023, and it is not coming back. 2. 𝐍𝐨 𝐏𝐮𝐛𝐥𝐢𝐜 𝐌𝐨𝐧𝐞𝐲 𝐏𝐚𝐲𝐬 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 The discount is not funded by the federal budget or the Federation Account. NNPC Retail buys petrol from the Dangote Refinery and other suppliers at market prices, on commercial terms, then adds its retail margin to set the pump price. The discount comes out of that margin alone, so the discounted pump price remains market-reflective. This is quite different from crude oil owned by the Federation. Selling the nation’s crude below market price would amount to a subsidy, because the shortfall would be borne by public revenue. 3. 𝐍𝐍𝐏𝐂 𝐑𝐞𝐭𝐚𝐢𝐥 𝐈𝐬 𝐃𝐨𝐢𝐧𝐠 𝐖𝐡𝐚𝐭 𝐈𝐭 𝐖𝐚𝐬 𝐒𝐞𝐭 𝐔𝐩 𝐭𝐨 𝐃𝐨 NNPC Retail Limited, a wholly owned subsidiary of NNPC Limited, began operations over 20 years ago as a petroleum marketing and retail company. It was set up to ensure the nationwide availability, distribution and affordability of refined petroleum products. Its purpose, in other words, is to keep products available across the country and to moderate retail prices, not necessarily to maximise retail profit. It has historically sold fuel below the prices of other marketers. The current discount continues that role, and it is a commercial decision that any retailer is free to make. 4. 𝐓𝐡𝐞 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐈𝐬 𝐍𝐨𝐭 𝐄𝐱𝐩𝐞𝐜𝐭𝐞𝐝 𝐭𝐨 𝐑𝐞𝐝𝐮𝐜𝐞 𝐅𝐞𝐝𝐞𝐫𝐚𝐭𝐢𝐨𝐧 𝐃𝐢𝐯𝐢𝐝𝐞𝐧𝐝𝐬 Some have asked whether a lower margin means lower profits for NNPCL, and so lower dividends to the Federation. It need not. A smaller margin or temporary zero margin on each litre can be more than offset by selling more litres over time. And a discount builds customer loyalty that lasts well beyond the discount period itself. Together, these can raise NNPC Retail’s profits, and the dividends paid to the Federation: a win-win for consumers and for government. Margin discounts are a routine commercial strategy, used by retailers the world over. 5. 𝐓𝐡𝐞 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐖𝐢𝐥𝐥 𝐍𝐨𝐭 𝐃𝐢𝐬𝐭𝐨𝐫𝐭 𝐭𝐡𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐨𝐫 𝐄𝐧𝐜𝐨𝐮𝐫𝐚𝐠𝐞 𝐒𝐦𝐮𝐠𝐠𝐥𝐢𝐧𝐠 The retail margin on petrol is less than 5 percent of the pump price. A discount within that margin cannot meaningfully widen the gap between prices in Nigeria and in neighbouring countries, where petrol already costs 20 to 40 percent more. It therefore creates no new incentive for smuggling, and no distortion of the kind that subsidy regimes produced in the past. 𝐓𝐡𝐞 𝐁𝐨𝐭𝐭𝐨𝐦 𝐋𝐢𝐧𝐞 .𝑨 𝒔𝒖𝒃𝒔𝒊𝒅𝒚 𝒔𝒑𝒆𝒏𝒅𝒔 𝒑𝒖𝒃𝒍𝒊𝒄 𝒎𝒐𝒏𝒆𝒚 𝒕𝒐 𝒍𝒐𝒘𝒆𝒓 𝒕𝒉𝒆 𝒑𝒓𝒊𝒄𝒆 𝒐𝒇 𝒇𝒖𝒆𝒍. 𝑻𝒉𝒆 𝑵𝑵𝑷𝑪 𝑹𝒆𝒕𝒂𝒊𝒍 𝒅𝒊𝒔𝒄𝒐𝒖𝒏𝒕 𝒍𝒐𝒘𝒆𝒓𝒔 𝒕𝒉𝒆 𝒑𝒓𝒊𝒄𝒆 𝒘𝒊𝒕𝒉𝒐𝒖𝒕 𝒔𝒑𝒆𝒏𝒅𝒊𝒏𝒈 𝒂𝒏𝒚 𝒑𝒖𝒃𝒍𝒊𝒄 𝒎𝒐𝒏𝒆𝒚, 𝒂𝒏𝒅 𝒊𝒕 𝒄𝒂𝒏 𝒔𝒕𝒓𝒆𝒏𝒈𝒕𝒉𝒆𝒏 𝑵𝑵𝑷𝑪 𝑹𝒆𝒕𝒂𝒊𝒍’𝒔 𝒃𝒖𝒔𝒊𝒏𝒆𝒔𝒔 𝒂𝒕 𝒕𝒉𝒆 𝒔𝒂𝒎𝒆 𝒕𝒊𝒎𝒆. We recognise that fuel prices continue to weigh on households and businesses. The discount is one of several measures government is pursuing to ease that burden, alongside the expansion of CNG transport, the waiver of taxes and duties on petrol, and the removal of illegal levies that inflate transport costs. Each is designed to bring relief without returning Nigeria to a subsidy regime that the country can no longer afford. 𝐓𝐚𝐢𝐰𝐨 𝐎𝐲𝐞𝐝𝐞𝐥𝐞 𝘏𝘰𝘯𝘰𝘶𝘳𝘢𝘣𝘭𝘦 𝘔𝘪𝘯𝘪𝘴𝘵𝘦𝘳 𝘰𝘧 𝘍𝘪𝘯𝘢𝘯𝘤𝘦 𝘢𝘯𝘥 𝘊𝘰𝘰𝘳𝘥𝘪𝘯𝘢𝘵𝘪𝘯𝘨 𝘔𝘪𝘯𝘪𝘴𝘵𝘦𝘳 𝘰𝘧 𝘵𝘩𝘦 𝘌𝘤𝘰𝘯𝘰𝘮𝘺 𝐍𝐨𝐭𝐞 𝐭𝐨 𝐞𝐝𝐢𝐭𝐨𝐫𝐬: The Minister’s full speech, 𝘍𝘶𝘦𝘭 𝘗𝘳𝘪𝘤𝘦𝘴 𝘢𝘯𝘥 𝘵𝘩𝘦 𝘚𝘶𝘣𝘴𝘪𝘥𝘺 𝘘𝘶𝘦𝘴𝘵𝘪𝘰𝘯, is available on the Federal Ministry of Finance website at finance.gov.ng.