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According to Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, Nigeria must diversify its economy beyond oil dependence to achieve long-term economic stability and sustainable growth.
Speaking at the National Treasury Workshop in Abuja, themed “Nigeria’s Revenue Challenges and the Way Forward: Exploring Non-Oil Alternatives”, Edun, represented by Mrs. Lydia Shehu, Permanent Secretary of the Federal Ministry of Finance, emphasized the urgent need to rethink the country’s revenue generation strategies.
“The volatility of oil revenues, once the backbone of our economy, has underscored the necessity of exploring alternative sources of revenue.
We must embrace a diversified economic model that unlocks the vast potential of non-oil sectors such as agriculture, solid minerals, manufacturing, tourism, the digital economy, and the creative industries.”
Shifting Towards a Non-Oil Economy
Global energy transitions, fluctuating crude prices, and declining oil demand have further reinforced the need for Nigeria to reduce its reliance on oil revenues. Edun noted that the country is endowed with abundant natural and human resources that remain largely untapped, posing the question:
“How can we effectively harness these resources to drive sustainable economic development?”
The workshop, he said, is designed to foster discussions among key financial and economic stakeholders to develop actionable strategies for revenue expansion.
Unlocking the Potential of Non-Oil Sectors
Several non-oil sectors present strong opportunities for revenue generation, job creation, and economic transformation. The minister identified critical revenue-generating industries, including:
- Agriculture and Agro-Processing
- Solid Minerals and Mining
- Manufacturing and Industrialization
- Tourism and Hospitality
- Digital Economy and ICT
- Tax Reforms and Compliance
However, Edun acknowledged that multiple challenges hinder the full exploitation of these sectors, such as inadequate infrastructure, bureaucratic inefficiencies, regulatory bottlenecks, security concerns, and revenue leakages due to low tax compliance.
Government’s Commitment to Economic Reforms
To address these challenges, the government is implementing significant reforms in public financial management, digitalizing revenue collection, and strengthening tax administration. These efforts aim to enhance efficiency, increase revenue generation, and create a more resilient economy.
By aggressively exploring non-oil revenue sources, Nigeria can chart a path toward sustainable economic development, ensuring long-term financial stability and resilience in the face of global economic shifts.
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