ABUJA, Nigeria (VOICE OF NAIJA)-The National Economic Council, NEC, has pledged to further broaden Nigeria’s non-oil revenue base, noting that the sector currently accounts for about 75 percent of total government collections.
The commitment was made by the Council’s Chairman, Vice President Kashim Shettima, after the NEC’s 156th virtual meeting its first of the year held on Thursday.
In a statement released by presidential media aide Stanley Nkwocha, Shettima explained that the renewed emphasis on non-oil revenues is in line with the economic blueprint of President Bola Tinubu’s administration.
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The Vice President emphasized the importance of swiftly shifting from oil dependence to a more resilient non-oil economy, propelled by competitive manufacturing, export diversification, and enhanced private sector investment.
He added that current economic realities highlight the need to strengthen fiscal risk management and reduce Nigeria’s vulnerability to oil revenue volatility.
Shettima noted that the non-oil sector has become the backbone of the nation’s economy, representing about 96 per cent of Nigeria’s Gross Domestic Product, GDP, and achieving growth of roughly four per cent.
“Services, agriculture and other non-oil sectors are increasingly carrying the weight of the economy. More importantly, non-oil revenues now contribute nearly three-quarters of total government collections,” he stated.
“This represents a significant, though gradual, shift away from our historic reliance on volatile oil receipts. The task before us is to deepen this transition through competitive manufacturing, export diversification and private sector investment.”