Abuja: The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has emphasized the urgent necessity for Nigeria to diversify its economy beyond oil resources to accelerate economic development. Speaking at the National Treasury Workshop themed ‘Nigeria’s Revenue Challenges and the Way Forward: Exploring Non-Oil Alternatives,’ Edun highlighted the importance of this strategic shift.
According to News Agency of Nigeria, Edun, represented by Mrs. Lydia Shehu, Permanent Secretary of the Federal Ministry of Finance, underscored the critical need to rethink revenue generation strategies in light of the volatile oil revenues that have traditionally been the backbone of Nigeria’s economy. He noted that recent global shifts in energy policies and fluctuating crude prices have made it clear that dependence on oil revenues is unsustainable.
Edun pointed out that Nigeria is rich in untapped natural and human resources and posed a crucial question: how can these resources be effectively harnessed to drive sustainable economic growth and development? The workshop aims to provide actionable answers through robust discussions among key stakeholders in the financial and economic sectors.
Several non-oil sectors have shown strong potential for revenue generation, job creation, and economic transformation, Edun stated. He emphasized the need to explore these sectors aggressively, including agriculture and agro-processing, solid minerals and mining, manufacturing, tourism, digital economy, and creative industries. He also highlighted the importance of tax reforms and compliance.
While acknowledging the evident potential of non-oil revenue sources, Edun identified several challenges hindering their full exploitation, such as poor infrastructure, high business costs, bureaucratic bottlenecks, regulatory inefficiencies, and insecurity affecting investment confidence. He assured that the government is taking bold steps to address these issues through reforms in public financial management, digitalization of revenue collection, and strengthening tax administration.
The Accountant-General of the Federation, Oluwatoyin Madein, emphasized the significance of the workshop as an annual event where seasoned technocrats gather to address pressing economic challenges. The theme of this year’s edition, she said, is particularly apt given the current state of the economy, affected by factors such as exchange rate volatility, low revenue performance, and rising costs. These issues have complicated fiscal operations in recent years.
Madein urged participants to contribute meaningfully to the discussions, aiming to develop robust and implementable recommendations that could address the nation’s revenue challenges effectively. She stressed the importance of generating actionable insights that could guide policymakers at both federal and sub-national levels.