The Economic Research and Policy Management (ERPM) Department is responsible for tracking, analyzing and reporting on key macroeconomic and financial developments in the domestic as well as global environment. The Department scans the policy environment, conducts focused analytical studies on topical policy issues and reports on economic matters. It also oversees the implementation of the Ministry’s capital projects; it is responsible for the publication of the Ministry’s Quarterly and Annual Reports, as well as Fiscal Policy Briefs.
The ERPM Department is mandated as follows:
– Developing plans for the Ministry;
– Research into the sector over which the Ministry has jurisdiction;
– Research into the Ministry’s internal organization and operational modalities;
– Setting and monitoring of performance targets for staff;
– Constant collection and processing of data and statistics relating to the Ministry;
– Monitoring and evaluation of plan implementation;
– Management of the Ministry’s Data Bank;
– ICT services;
– Library services;
– Coordination of the relevant Agencies under the supervision of the Ministry;
– Liaison on behalf of the Ministry with relevant bodies outside the office; etc.
STRUCTURE OF THE DEPARTMENT
The Department is headed by a Director and comprised of three (3) Divisions and two (2) Service Units namely:
a. Policy & Planning
c. Statistics and Publication
d. ICT Unit
e. Library Unit
POLICY & PLANNING DIVISION
The Policy Division is charged with the responsibility of formulating policy frameworks intended to foster National Economic Growth. It performs the following basic functions:
- Periodic scan of the economic landscape to provide policy briefs to management on suggested policy direction;
- Develop sector strategy plans for the Ministry;
- Monitoring and evaluation of plan implementation;
- Coordinates the preparation of annual budget;
- Foster action on the implication of economic policy initiatives of the Federal Government and research and analysis of Government Policies and Initiatives to determine impact, suitability and sustainability; etc.
The Macro-Economic Division is responsible for systematic analysis of the National Economy and developing models for forecasting possible future trends, interfacing with other Ministries, Extra-Ministerial Departments and Agencies in the areas of economic Research & Development and policy matters.
Other functions of the Division include the following:
- Regular monitoring and tracking of macroeconomic indicators of the Nigerian economy;
- Coordination and supervision of capital projects of the Federal Ministry of Finance;
- Representing the Ministry at Joint Economic Commissions and National and International fora on economic matters;
- Monitoring and analyzing developments in relevant regional/international organizations. such as ECOWAS, UNDP, OPEC, MIGA, etc. ;
- Monitoring the implementation of Federal Executive Council Policy/Project decisions as they relate to the Federal Ministry of Finance and its Parastatals and Agencies;
- Processing/forwarding of Council Memoranda to Cabinet Secretariat.
STATISTICS AND PUBLICATION DIVISION
The Division is the central statistical unit of the Ministry that is responsible for the compilation and publication of the Ministry’s Annual and Quarterly Economic Reports and other publications. It collects processes and analyses statistical data on Government Finances collected from the Departments and all Agencies of the Ministry. The division liaises with relevant Agencies/Parastatals of the Ministry for the purpose of tracking developments in the relevant key sectors of the economy, particularly, infrastructure and social sectors.
Functions of the Division
- Collection and analysis of Government Finance Statistics;
- Handles all publications including Annual Report of the Ministry and Quarterly Performance Report of the Economy;
- The Division co-ordinates administration of performance contracts/key performance indicators (KPIs) for the Departments, Agencies and Parastatals of the Ministry;
- Serves as the secretariat to the Finance Sectoral Consultative Committee on Statistics (FSCCS);
- Represents the Ministry at the Monthly meeting of Federation Account Reconciliation Committee (FRRC) at the Office of the Accountant General of the Federation (OAGF);
- Analyzing and tracking developmental issues and investments in the economy;
- Represents the Ministry in the National Consultative Committee on Statistics (NCCS);
- Represents the Ministry in Open Data Policy Programme under the auspices of the Federal Ministry of Communication Technology;
- Represents the Ministry in the Data Harmonization Committee under the National Bureau of Statistics (NBS);
- Represents the Ministry in the Committees on Government Finance Statistics and Household Finance and Consumption Survey under the Central Bank of Nigeria (CBN); etc.