Nigeria will begin producing a set of indicators measuring poverty, household incomes and inequality as the government seeks to show that recent economic reforms are benefiting citizens, the finance minister said on Thursday.
Speaking at a conference in Lagos organised by BusinessDay newspaper, Finance Minister Taiwo Oyedele said the planned scorecard will track "shared prosperity" through three specific measures: reductions in multidimensional poverty, increases in real income per capita and declines in inequality.
The scorecard is intended to address a central critique of President Bola Tinubu's reform package: that improvements in government revenue, foreign exchange liquidity and investor sentiment have not yet produced clear relief for households grappling with high food, transport and general living costs. Oyedele said macroeconomic indicators are moving in a positive direction but cautioned that stability alone does not guarantee better living standards.
He said inflation was easing, the foreign exchange market was operating more efficiently and investor interest was returning. At the same time, Oyedele acknowledged that those macroeconomic gains would need to be matched by measurable improvements for ordinary Nigerians.
The reforms introduced in 2023 - including the removal of a fuel subsidy and a liberalisation of the naira - have been praised by lenders and investors for improving economic stability. But they have also coincided with higher inflation and increased costs of living for many households. The International Monetary Fund said in June that while reforms were bolstering investor confidence and economic stability, 63% of Nigeria's roughly 200 million people remained in poverty and millions faced food insecurity.
Concerns about the reform process go beyond economic indicators. The policy changes have been accompanied by criticism over ongoing corruption and allegations of unbudgeted government spending, which have raised questions about whether the sacrifices asked of citizens are being matched by fiscal discipline.
Oyedele said the finance ministry will be responsible for producing the new scorecard. He did not provide a timetable for the first publication of the indicators, nor did he specify how often they would be updated.
What this means:
- The government will use three measures - multidimensional poverty, real income per capita and inequality - to assess whether reforms are delivering shared prosperity.
- Officials report improving macroeconomic conditions, but recognize that translating stability into household relief is a distinct challenge.
- The finance ministry will oversee the scorecard, but publication timing and update frequency remain unspecified.