Market News

By Sami Tunji

The Federal Government has reaffirmed its commitment to aggressively exploring non-oil revenue sources to reduce reliance on crude oil earnings and stabilise the economy.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, stated this at the 5th National Treasury Workshop in Abuja on Monday.

Edun, who was represented by the Permanent Secretary at the Ministry of Finance, Lydia Jafiya-Shehu, said the government would intensify efforts to harness revenue from alternative sources.

He noted that recent shifts in global energy policies, declining crude oil demand, and fluctuating prices had made it clear that Nigeria could no longer afford to depend solely on oil revenues.

He said the government was now focused on expanding revenue generation from sectors such as agriculture, solid minerals, manufacturing, tourism, the digital economy, and creative industries.

Edun described the theme of the workshop, Nigeria’s Revenue Challenges and the Way Forward: Exploring Non-Oil Alternatives, as timely, stressing the need for urgent action.

He said that while several non-oil sectors had shown strong potential for revenue generation, job creation, and economic transformation, they remained largely untapped.

“Several non-oil sectors have demonstrated strong potentials for revenue generation, job creation, and economic transformation.

“It is time to explore these aggressively. Let me highlight a few critical areas such as Agriculture and Agro-Processing, Solid Minerals and Mining, Manufacturing and Industrialisation, Tourism and Hospitality, The Digital Economy and ICT, Tax Reforms and Compliance, etc.,” he said.

The minister, however, admitted that several challenges continued to hinder the effective exploitation of these non-oil sectors.

He listed poor infrastructure, high costs of doing business, bureaucratic bottlenecks, insecurity, low tax compliance, and revenue leakages as some of the key obstacles.

He said the government had initiated a series of reforms to address these issues, including improvements in public financial management, digitalisation of revenue collection, and strengthening of tax administration.

“The government is already taking bold steps to tackle these issues through reforms in public financial management, digitalisation of revenue collection, and strengthening of tax administration,” he said.

Edun also stressed the importance of collaboration between the public and private sectors in achieving sustainable revenue growth.

He said that accountability and transparency in public financial management remained critical in building trust and attracting investments into the country.

“To ensure the success of these initiatives, collaboration among all stakeholders is essential. The role of the private sector in complementing government efforts cannot be overemphasised,” he noted.

The two-day workshop, organised by the Office of the Accountant-General of the Federation, brought together key financial and economic experts to discuss strategies for improving Nigeria’s revenue performance.

Edun expressed confidence that insights from the workshop would inform future policies and reposition Nigeria’s revenue framework in line with global best practices.

He urged participants to engage actively in discussions and contribute innovative solutions to enhance revenue generation and efficient resource allocation across all sectors.

Also speaking, the Accountant-General of the Federation, Dr Oluwatoyin Madein, emphasised the urgency of addressing Nigeria’s revenue challenges, stating that economic diversification remains critical to achieving fiscal stability.

She noted that factors such as exchange rate volatility, low revenue performance, and rising costs have complicated fiscal operations in recent years.

She outlined the workshop’s structure, which includes five key presentations focused on economic diversification, tax reform, budget efficiency, fiscal federalism, and public financial management reforms.

According to her, the discussions will involve experts from the public and private sectors, as well as academia, to ensure well-rounded policy recommendations.

She charged participants to actively engage in deliberations, stressing that the outcome of the workshop must lead to actionable policies that would strengthen Nigeria’s revenue framework at both federal and sub-national levels.