The Federal Government has launched the Nigeria Beyond Oil and Gas Alliance (BOGA) Fund Programme, a two-year initiative aimed at assessing economic risks and opportunities in Nigeria’s evolving energy landscape and supporting long-term diversification beyond fossil fuels.
Gatekeepers News reports that the programme, unveiled in Abuja, is designed to help the government develop evidence-based policy options to expand the economy outside the oil and gas sector.
Speaking at the launch, the Minister of Budget and Economic Planning, Abubakar Atiku Bagudu, said Nigeria must diversify in a way that is environmentally responsible, technologically driven and anchored on the country’s local economic strengths.
According to him, diversification is not just about reducing dependence on oil revenue, but about applying science, skills and technology to traditional sectors to unlock higher value.
“It is about using science, skills and technology in sectors such as agriculture, fishing, artisanal mining and woodwork to create more value in a climate-smart way,” Bagudu said.
He said countries such as Norway have shown that strong fishing, agricultural and cultural industries can coexist with major energy production, while maintaining economic uniqueness in a sustainable way.
Bagudu also cited the Netherlands as an example of how technology and efficient value chains have enabled a small country to generate agricultural exports that surpass Nigeria’s peak oil earnings.
The minister disclosed that the Federal Government is developing a framework that maps economic potential at the ward level, to identify what communities do best and link them with financing, skills and technology to responsibly scale productivity.
He said fishing communities could be supported to meet international standards and supply global seafood markets, while farmers could be equipped with improved seedlings and climate-resilient practices to boost yields and incomes.
