The Federal Government has unveiled the Nigeria Beyond Oil and Gas Alliance (BOGA) Fund Programme, a two-year initiative aimed at evaluating the economic risks and opportunities presented by the country’s shifting energy landscape while developing policy frameworks for sustainable diversification.
The programme, launched Monday in Abuja, is designed to help government officials craft long-term strategies that reduce Nigeria’s dependence on hydrocarbon revenues by unlocking higher value in traditional sectors through technology and climate-smart practices.
Speaking at the launch, Minister of Budget and Economic Planning Abubakar Atiku Bagudu emphasised that diversification must be pursued through an approach that is environmentally responsible, technologically driven, and anchored in local economic strengths.
“Diversification is not merely about reducing dependence on oil revenues,” Bagudu said. “It is about applying science, skills and technology to traditional sectors such as agriculture, fishing, artisanal mining and woodwork to unlock higher value in a climate-smart manner.”
The minister drew lessons from Norway, noting that the European nation has maintained robust fishing, agricultural and cultural industries despite being a major energy producer, demonstrating that economic uniqueness can be developed sustainably.
He also cited the Netherlands as an example of how a relatively small landmass can generate agricultural exports exceeding Nigeria’s peak oil earnings through technology adoption and efficient value chains.
Bagudu disclosed that the Federal Government is advancing a development framework that maps economic potential at the ward level to identify community-specific strengths and connect them with financing, skills and technology to scale productivity responsibly.
Under the proposed model, fishing communities could receive support to meet global standards and supply international seafood markets, while farmers could be equipped with improved seedlings and climate-resilient practices.
The BOGA Fund Programme signals the government’s commitment to preparing Nigeria’s economy for a future potentially less dependent on fossil fuel revenues amid global energy transition pressures.
