Nigeria Needs Aggressive Actions For Economic Diversification – Edun
- Blames insecurity, poor infrastructure for pathetic state of things
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, says Nigeria must engage aggressive actions to diversify and grow its economy on a sustainable basis.
Accordingly, he stressed the need to explore potential in the nation’s non-oil sectors for improved revenue generation and economic transformation.
Edun, who spoke at the 5th National Treasury Workshop organized by the Office of the Accountant-General of the Federation (OAGF) in Abuja, said; “Several non-oil sectors have strong potential for revenue generation, job creation, and economic growth. It is time to explore these aggressively.”
Represented by the Ministry’s Permanent Secretary, Mrs. Lydia Shehu, the Minister noted that key areas that should be exploited include; Agriculture and Agro-Processing, Solid Minerals and Mining, Hospitality and Digital Economy, ICT, Tourism, Manufacturing and Industrialization.
However, he listed major challenges to effective revenue mobilization in the country as insecurity, poor infrastructure, bureaucratic bottlenecks, and low tax compliance.
Edun said the good news is that the government is addressing these issues through public financial management reforms, digital revenue collection, and improved tax administration.
However, while stressing that a lot of things must be done at both national and sub-national levels, the Minister said robust partnership between the government and private sector is required to enhance revenue generation.
Hear him; “Accountability and transparency in public financial management are crucial for building trust and attracting investment.”
Also speaking at the Forum, the Accountant-General of the Federation (AGF), Dr (Mrs) Oluwatoyin Madein, said the workshop presents a strategic platform for fostering collaboration and improving revenue performance across board.
She said the urgency of rethinking revenue generation strategies due to the volatility of oil revenues cannot be overemphasised, adding; “The recent global shifts in energy policies and fluctuating crude prices show that we cannot afford to rely solely on oil revenues.
“We must embrace a diversified approach tapping into agriculture, solid minerals, manufacturing, tourism, and the digital economy.”
Furthermore, the AGF while blaming exchange rate volatility, low revenue performance, and rising costs of things for the complicated fiscal operations, said the development demands that the country pays great attention and focus on non-oil revenue sources essential for economic sustainability.
