FG Launches “Nigeria Beyond Oil and Gas” Alliance to Drive Economic Diversification

The Federal Government has unveiled the Nigeria Beyond Oil and Gas Alliance (BOGA) Fund Programme, a two-year initiative aimed at assessing economic risks and opportunities in the country’s shifting energy landscape. The programme is designed to help the government develop policies for long-term economic diversification beyond oil and gas.

Speaking at the launch in Abuja, Minister of Budget and Economic Planning, Abubakar Atiku Bagudu, emphasized that diversification must be environmentally sustainable, technology-driven, and grounded in local economic strengths.

“Diversification is not just about reducing reliance on oil revenue,” Bagudu explained. “It is about leveraging science, skills, and technology in traditional sectors, such as agriculture, fishing, artisanal mining, and woodwork, to create higher-value, climate-smart economic activities.”

Drawing lessons from other countries, he pointed to Norway, which maintains strong fishing, agricultural, and cultural industries despite being a major energy producer, showing that economic uniqueness can be developed sustainably. He also cited the Netherlands, a small country that generates agricultural exports far exceeding Nigeria’s peak oil earnings through technology and efficient value chains.

Bagudu further revealed that the government is developing a ward-level economic mapping framework to identify community strengths and link them with financing, skills, and technology to boost productivity responsibly. For example, fishing communities could be supported to meet international seafood standards, while farmers could access improved seedlings and climate-resilient farming techniques.

The initiative signals a renewed focus on transforming Nigeria’s economy by maximizing local potential, strengthening traditional sectors, and embracing technological innovation.