The main functions of (MASMU) are to :

• develop,operationalize, maintain and apply a portfolio of macroeconomic and strategic models of the the Nigerian economic and society;
• regularly make model-based projections of the path of key macroeconomic and sectoral aggregates of the Nigerian economy over the short,medium and longterm and make these available to government as part of the institute's regular input towards the preparation,evaluation and review of the annual budget,the national rolling plan and the various aspects of the vision 2010 project,i.e. the long-term strategic plan of the nation;
• organize training programme necessary to upgrade the skills of public and private sector planners and policy advisers in the application of models as tools for policy articulation including ex-ante impact analysis,ex-post impact assessment and evaluation;
• respond effectively to requests for technical assistance by organisations in the public and private sectors in the area of development,operationalization and application of macroeconomic and sectoral models in policy articulation,analysis and impact assessment;
• actively promote collaborative modelling efforts with government agencies,especially,National Planning Commission(NPC),Federal Ministry of Finance and other economic ministries as well as the CBN and NNPC;
• promote,collaborate and participate in international networks on modelling;and,
• carry out other modelling and related tasks as may be assigned by the Director-General.

MASMU also plays a coordinating role in respect of major national and international research networks such as:

(a) Policy Seminar Series for Legislators
(b) NISER Review of Nigerian Development (NRND)
(c) African Futures Network
(d) Global Development Network (GDN)
(e) African Development Policy Network (ADPN)
(f) Secretariat for Institutional Support for Economic Research in Africa (SISERA).