EMT Sets to Harmonise Macroeconomic Assumptions, Targets Faster Growth 

EMT Sets to Harmonise Macroeconomic Assumptions, Targets Faster Growth

By Our Correspondent

Abuja (Core Reporters)- The Economic Management Team (EMT) has approved the establishment of an inter-agency committee to harmonise the macroeconomic assumptions underpinning the Federal Government’s budgeting and economic planning.

The statement was issued by the Secretariat of the Economic Management Team, Federal Ministry of Finance, Abuja.

The decision was reached at the EMT meeting held in Abuja on Monday, September 7, 2026, where the team also reviewed developments in the economy, agriculture, trade and investment, manufacturing, as well as Nigeria’s preparations to host major continental trade events.

The new committee will harmonise key assumptions relating to 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 decision 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 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 performance since the third quarter of 2024, according to the National Bureau of Statistics.

The team also noted that external reserves had risen to more than $54 billion in early September 2026, the highest level in nearly 18 years based on Central Bank of Nigeria data.

It further observed that the naira had strengthened to its firmest level in about two years, trading in the N1,300 range to the US dollar in early September, alongside the increase in foreign reserves.

The EMT also noted Nigeria’s reclassification by FTSE Russell from “Unclassified” to “Frontier Market” status, effective September 21, 2026.

The reclassification is expected to improve the visibility of Nigerian equities among international investors.

The team was also briefed that public debt remains below 40 per cent of GDP, while Nigeria’s sovereign credit outlook by Moody’s has moved from stable to positive.

It noted that Nigeria’s economy, measured in purchasing-power-parity terms at more than $2.2 trillion, is substantially larger than its nominal dollar GDP, indicating significant potential to reach the $1 trillion nominal GDP mark by 2030.

The team also approved revised Terms of Reference for the EMT, expanding its mandate to include macroeconomic performance reviews, stronger fiscal-monetary coordination, monitoring of Renewed Hope Agenda priorities and periodic reviews of the Federal Government’s financing needs.

Under the new arrangement, the EMT will meet monthly, with at least two strategic sector reviews scheduled for each sitting.

To improve the reliability of official statistics, the Ministry of Finance has been designated as the coordinating custodian for national economic data, while relevant agencies will remain responsible for providing datasets within their respective areas.

However, the EMT reviewed a strategy aimed at increasing agriculture’s contribution to Nigeria’s ambition of building a $1 trillion economy by 2030.

The strategy includes measures to reduce post-harvest losses, expand processing and mechanisation, strengthen export compliance and ensure timely release of capital ahead of planting seasons.

The team also reviewed financing measures for the agricultural sector, including plans to recapitalise the Bank of Agriculture and establish 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.

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, both in Lagos.

The events are expected to attract large numbers of exhibitors and international buyers, while the IATF is also expected to draw African heads of state and generate 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, through 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 connection between government projections and actual economic performance.

“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,” he said.