The Minister of Finance and the Coordinating Minister of the Economy, Wale Edun has restated the urgent need to develop and tap into the non-oil sectors in terms of revenue generation, occasioned by global shifts in energy policies, declining oil demand and fluctuating crude prices.

Edun stated this while declaring open the 5th National Treasury Workshop organised by the Office of the Accountant-General of the Federation (OAGF), Tuesday in Abuja.

Represented by the Permanent Secretary, Federal Ministry of Finance, Mrs Jafiya Ladi Shehu, the Minister while laying emphasis on the theme, “Nigeria’s Revenue Challenges and the Way Forward: Exploring Non-Oil Alternatives”, the Finance Minister said the need to rethink the revenue strategy of the nation is borne out of the volatile nature of oil revenues which has long been the backbone of our economy but recently facing a downturn.

He said, “the theme of this workshop is both timely and imperative. It underscores the urgent need to rethink our revenue generation strategies, especially in light of the volatile nature of oil revenues which has long been the backbone of our economy but recently facing a downturn. The recent global shifts in energy policies, declining oil demand and fluctuating crude prices have jointly made it abundantly clear that we cannot afford to be overly dependent on oil revenues.

“We must, therefore, embrace a diversified economic approach that taps into the immense potential of non-oil sectors such as agriculture, solid minerals, manufacturing, tourism, digital economy and creative industries”.

He highlighted some of the non-oil sectors the administration of president Tinubu intends to focus attention on to explore and generate the needed revenue for the sustenance of the nation.

“Several non-oil sectors have demonstrated strong potentials for revenue generation, job creation, and economic transformation. It is time to explore these aggressively. Let me highlight a few critical areas such as: Agriculture and Agro-Processing, Solid Minerals and Mining, Manufacturing and Industrialization, Tourism and Hospitality, The Digital Economy and ICT, Tax Reforms and Compliance, etc”, he said.

Edun further called for collaboration between the public and private sector as well as ensuring accountability and transparency in the Management of public finances to attract more investors.

He said, “To ensure the success of these initiatives, collaboration among all stakeholders is essential. The role of the private sector in complementing government efforts cannot be overemphasized. Accountability and transparency in public financial management remain paramount in building trust and attracting investment. The paper dwelling on PFM reforms and revenue allocation amongst the tiers of government should be properly digested to promote the key virtues of our reforms’ initiatives in this direction”.

The Accountant General of the Federation, Dr. Oluwatoyin Sikirat Madein in her opening remarks described the workshop as a forum to harness ideas which are solution driven with the aim to advancing the cause of the nation.

“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.

“This theme 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. These have complicated fiscal operations in the last few years.

“We are all gathered here to brainstorm on these papers to come up with robust and implementable communique capable of changing the current revenue challenges faced by the country,” she said.

The minister and other stakeholders who delivered goodwill messages commended the Office of the Accountant-General of the Federation for its unwavering efforts at organizing a forum of this magnitude at a time most appropriate.

The workshop which is not just an annual event, but a strategic platform for fostering collaborations, exchange of ideas, and expanding knowledge on key strategies for the growth and stability of our economy, through enhanced revenue performance and management is expected to come out with an implementable communique in the next three (3) days