Abubakar Garba - Abuja
The Federal Government has unveiled the Nigeria Beyond Oil and Gas Alliance (BOGA) Fund Programme, a two-year initiative aimed at evaluating economic risks and opportunities within Nigeria’s changing energy environment.
The programme is designed to guide the government in crafting long-term policies that promote economic diversification beyond the oil and gas sector.
Speaking at the launch in Abuja, the Minister of Budget and Economic Planning, Abubakar Atiku Bagudu, emphasized the need for Nigeria to diversify in a way that is environmentally sustainable, technology-driven, and anchored on the country’s indigenous economic strengths.
He explained that diversification goes beyond reducing reliance on oil revenues. Rather, it involves leveraging science, innovation, and technical expertise to modernize traditional industries such as agriculture, fishing, artisanal mining, and woodwork, thereby unlocking greater value in a climate-smart and sustainable manner.
Drawing comparisons with Norway, the minister noted that the country has successfully sustained vibrant fishing, agricultural, and cultural industries despite being a major oil producer. He said this demonstrates how nations can preserve and develop unique economic strengths sustainably.
He also referenced Netherlands as an example of how strategic use of technology and efficient value chains has enabled a relatively small country to generate agricultural export revenues that surpass Nigeria’s peak oil earnings.
Bagudu further revealed that the government is developing a comprehensive framework that maps economic potential at the ward level. The initiative aims to identify the comparative advantages of communities and link them with financing, skills development, and technology to boost productivity responsibly.
Under the plan, fishing communities could be supported to meet international standards and access global seafood markets, while farmers would benefit from improved seedlings and climate-resilient farming practices.
