By Anthony Otaru, Abuja
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun has raised the alarm that Nigeria can no longer afford to be overly dependent on oil revenues, following recent global shifts in energy policies and declining oil demand.
“We must therefore, enhance a diversified economic approach that taps into the immense potential of non-oil sectors such agriculture, solid minerals, manufacturing, tourism, digital economy and creative industries,” he warned
He expressed optimism that the Non– oil sector has potentials for the country’s economic turn around more so, that Nigeria is blessed with abundant natural and human resources that has remained largely untapped
Edun stated this yesterday while declaring open the 5th Edition of the National Treasury Workshop themed, “Nigeria’s revenue challenges and the way forward:- Exploring Non– Oil alternative currently holding in Abuja.
The Minister who was represented by the Permanent Secretary, Finance, Mrs, Lydia Jafiya Shehu, pointed out that the question begging for answers today is, How can Nigeria harness these resources effectively to drive sustainable economic growth and development?
Edun said the workshop seeks to provide actionable answers to the question by fostering robust discussions among key stakeholders in the financial and economic landscape.
He explained that while potential of Non– oil revenues sources is evident, several challenges impede their full exploitation, listing some of the challenges to include, poor infrastructure and high cost of doing business, bureaucratic bottlenecks and regulatory inefficiencies, insecurity and its impact on investment confidence as well as low tax compliance and widespread revenue leakages.
According to him, government is already taking bold steps to tackle the issues through reforms in public financial management, digitalization of revenue collection and strengthening of tax administration.
He said the role of stakeholders therefore is to ensure the success of these government initiatives, more so that collaboration with stakeholders is essential.
Earlier in an opening remarks, the Accountant-General of the Federation, Dr. Oluwatoyin Madein, said that the National Treasury Workshop is a yearly occasion where seasoned technocrats are invited to rub minds on salient issues confronting the nation’s economy with a view to proffering workable solutions in order to move the country forward.
According to her, the theme for this year’s edition is considered very apt considering the state of the economy, owing to a multiplicity of factors, ranging from the exchange rate volatility, low revenue performance, rising costs, amongst others.
She noted the complicated fiscal operations in the last few years have been packaged in five lead papers namely: Nigeria’s Revenue Challenges and the Urgency for Economic Diversification;Tax Reform and Revenue Mobilization: Expanding Nigeria’s Tax Base and Tax Net;Diversifying Nigeria’s Economy through Effective Budgeting: Maximizing the Non-Oil Sectors for Sustainable Growth and Development among others.
Dr. Madein, assured that the papers will be presented by distinguished experts drawn from both the private and public sectors of the economy as well as the academia.
She took time to express her gratitude to the Minister of Finance, as well as other professionals who came for the workshop, urging participants to come up with a communique that will enable government to act on with every success of implementation.
