The Council is responsible for the determination of the overall policy of the Institute. In particular, the Council is responsible for the financial and operational policies and programmes of the Institute and for ensuring their implementation.
The Council consists of twelve members as follows:
- A Chairman, who is appointed by the President of the Federal Republic of Nigeria on the recommendation of the Honourable Minister, National Planning Commission;
- The Director-General of the Institute;
- The Permanent Secretary, Federal Ministry of Industry, Trade and Investment or his representative;
- The Director, Macro Department, National Planning Commission;
- The Statistician-General, National Bureau of Statistics;
- The Director of Research, Central Bank of Nigeria;
- Four scholars, who are appointed by the Honourable Minister, National Planning Commission, on the recommendation of the Director-General; and
- Two persons to represent interests not otherwise represented so far, who are appointed by the Honourable Minister, National Planning Commission.