The National Economic Council (NEC), has vowed to further expand Nigeria’s non-oil revenue base, highlighting that the sector currently contributes about 75 percent of total government collections.
The commitment was revealed by the Chairman of the Council, Vice President Kashim Shettima, following the NEC’s 156th virtual meeting — its first for the year — held on Thursday.
In a statement issued by a presidential media aide Stanley Nkwocha, Shettima said the renewed focus on non-oil revenues aligns with the economic blueprint of President Bola Tinubu’s administration.
The Vice President emphasised the need for a rapid shift from oil dependence to a more resilient non-oil economy, driven by competitive manufacturing, export diversification and increased private sector investment.
He stated that prevailing economic conditions have underscored the urgency of strengthening fiscal risk management and reducing Nigeria’s exposure to the volatility of oil revenues.
According to Shettima, the non-oil sector has become the backbone of the country’s economy, accounting for about 96 percent of Nigeria’s Gross Domestic Product, GDP, and recording growth of approximately 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 said.
“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.”
