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, stressing the need to explore non-oil sectors to boost revenue and drive economic transformation.
Edun, represented by the Permanent Secretary, Mrs. Lydia Shehu, made this call during the 5th National Treasury Workshop, organized by the Office of the Accountant-General of the Federation in Abuja. He underscored the vast potential of various non-oil sectors in fostering economic growth, creating jobs, and enhancing revenue generation.
“Several non-oil sectors have strong potential for revenue generation, job creation, and economic growth. It is time to explore these aggressively,” he stated.
He identified key focus areas, including agriculture and agro-processing, solid minerals and mining, manufacturing and industrialization, tourism and hospitality, and the digital economy and ICT.
Edun highlighted several challenges hampering revenue mobilization in Nigeria, citing insecurity, poor infrastructure, bureaucratic bottlenecks, and low tax compliance as major obstacles. He noted that while the government has initiated reforms in public financial management, digital revenue collection, and improved tax administration, further efforts are required at both national and sub-national levels.
He called for stronger collaboration between the government and the private sector to enhance revenue generation and ensure financial sustainability.
“Accountability and transparency in public financial management are crucial for building trust and attracting investment,” he added.
In her remarks, the Accountant-General of the Federation, Dr. Oluwatoyin Madein, described the workshop as a strategic initiative to foster collaboration and improve Nigeria’s revenue performance.
She emphasized the urgent need to rethink revenue generation strategies in light of the volatility of global oil markets. “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 said.
Dr. Madein further noted that exchange rate fluctuations, low revenue performance, and rising operational costs have complicated fiscal operations. She stressed that a focus on non-oil revenue sources is essential for achieving long-term economic sustainability.
