ECONOMIC MANAGEMENT TEAM HARMONISES MACROECONOMIC ASSUMPTIONS, TARGETS $1 TRILLION ECONOMY
The Economic Management Team (EMT), the Federal Government’s principal platform for economic coordination, met in Abuja, Monday September 7, and approved the establishment of a dedicated inter-agency committee to harmonise macroeconomic assumptions underpinning government budgeting and planning.
The Team also reviewed economic performance and progress in agriculture, trade, investment and manufacturing, as well as Nigeria’s preparations to host two major continental trade events.
NEW COMMITTEE TO HARMONISE MACROECONOMIC ASSUMPTIONS
The EMT approved a committee to harmonise key assumptions including crude oil price and production, exchange rate, inflation and non-oil revenue projections used by fiscal and monetary authorities.
The decision follows a joint budget retreat and technical validation workshop which traced budget under-performance partly to inconsistent assumptions across agencies and to occasional divergence between key projections by various authorities responsible for economic policies
The committee will also work to resolve inconsistencies in how key indicators are reported within government and to external stakeholders.
STATE OF THE ECONOMY
According to the National Bureau of Statistics (NBS), real GDP growth reached 4.43% year-on-year in Q2 2026, the strongest quarterly outturn since Q3 2024. This translates to about 17% growth in half-year 2026 in US dollar terms.
Data from the Central Bank of Nigeria (CBN) show external reserves rose to over US$54 billion in early September 2026, the highest level in nearly 18 years and above 2026 official projections.
The naira also strengthened to the N1,300s per US dollar range, its firmest level in about two years.
FTSE Russell has reclassified Nigeria from “Unclassified” to “Frontier Market” status effective 21 September 2026, marking the country’s return to the index after three years.
The EMT was also briefed that public debt remains below 40% of GDP and that Moody’s has revised Nigeria’s sovereign credit outlook from stable to positive.
The Team noted that Nigeria’s economy, measured in purchasing-power-parity terms at over US$2.2 trillion, indicates strong potential toward the US$1 trillion nominal GDP target by 2030.
STRENGTHENING EMT GOVERNANCE AND DATA COORDINATION
The Team approved a revised Terms of Reference expanding EMT’s remit to include macroeconomic performance review, stronger fiscal–monetary coordination, monitoring of Renewed Hope Agenda priorities and periodic review of Federal Government financing needs.
EMT will now meet monthly with at least two strategic sector reviews per sitting.
To improve data reliability, the Ministry of Finance was designated as coordinating custodian for national economic data, with line agencies responsible for inputs.
AGRICULTURE AND THE $1 TRILLION TARGET
The EMT reviewed a strategy to grow agriculture’s contribution to the $1 trillion economy ambition by 2030.
Key measures include reducing post-harvest losses, expanding processing and mechanisation, strengthening export compliance, and improving timing of capital releases.
The Team also reviewed financing plans including recapitalisation of the Bank of Agriculture and a new smallholder credit window, with a target to raise agriculture’s share of private-sector credit to 10% by 2030.
HOSTING CANEX 2026 AND IATF 2027
The EMT reviewed Nigeria’s readiness to host the Creative Africa Nexus (CANEX) in November 2026 and the Intra-African Trade Fair (IATF) in November 2027 in Lagos.
Both events are expected to attract exhibitors, buyers and for IATF, African heads of state, with significant trade and investment projections.
The Ministry of Finance was tasked to coordinate funding and customs facilitation with the Ministry of Industry, Trade and Investment through a consolidated action plan.
STATEMENT
The Minister of Finance and Coordinating Minister of the Economy said:
“Today’s decisions tighten the link between the numbers we plan with and the actual outturns. 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.”
This was contained in a statement signed by the Secretariat, Economic Management Team,
Federal Ministry of Finance, Abuja
