The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has called for urgent and aggressive measures to diversify Nigeria’s economy beyond oil dependence.
Speaking at the 5th National Treasury Workshop organized by the Office of the Accountant-General of the Federation in Abuja, Edun—represented by the Permanent Secretary, Mrs. Lydia Shehu—emphasized the need to explore non-oil sectors to boost revenue generation and drive economic transformation.
According to him, “Several non-oil sectors have strong potential for revenue generation, job creation, and economic growth. It is time to explore these aggressively.” He identified key areas of focus, including Agriculture and Agro-Processing, Solid Minerals and Mining, Manufacturing and Industrialization, Tourism and Hospitality, and the Digital Economy and ICT.
Edun acknowledged significant challenges hindering revenue mobilization, such as insecurity, poor infrastructure, bureaucratic inefficiencies, and low tax compliance. While noting that the government is tackling these issues through public financial management reforms, digital revenue collection, and improved tax administration, he stressed the need for more comprehensive efforts at both the national and sub-national levels.
He further urged collaboration between the government and private sector to enhance revenue generation, stating, “Accountability and transparency in public financial management are crucial for building trust and attracting investment.”
In her remarks, the Accountant-General of the Federation (AGF), Dr. Oluwatoyin Madein, described the workshop as a strategic platform to foster collaboration and improve revenue performance.
Dr. Madein emphasized the urgency of rethinking revenue generation strategies due to the volatility of oil revenues. She stated, “The recent global shifts in energy policies and fluctuating crude prices show that we cannot afford to rely solely on oil revenues. We must embrace a diversified approach tapping into agriculture, solid minerals, manufacturing, tourism, and the digital economy.”
She further highlighted challenges such as exchange rate volatility, low revenue performance, and rising costs, stressing that prioritizing non-oil revenue sources is essential for Nigeria’s economic sustainability.
