FG Unveils Beyond Oil and Gas Alliance Fund Programme to Drive Economic Diversification

The Federal Government has launched the Nigeria Beyond Oil and Gas Alliance Fund Programme, a two-year initiative designed to assess the economic risks and opportunities in the country’s evolving energy landscape and develop policy options for long-term diversification.

Speaking at the launch of the programme in Abuja, Minister of Budget and Economic Planning, Abubakar Atiku Bagudu, said Nigeria must pursue diversification in a manner that is environmentally responsible, technologically driven, and rooted in the country’s local economic strengths.

According to him, diversification is not merely about reducing dependence on oil revenues but 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.

Drawing lessons from Norway and the Netherlands, Bagudu noted that both countries have maintained strong agricultural and cultural industries despite being major energy producers, demonstrating that economic uniqueness can be developed sustainably through technology 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 what communities do best and connect them with financing, skills, and technology to scale productivity responsibly. Fishing communities, for instance, could be supported to meet global standards and supply international seafood markets.

Omotenioye Majekodunmi, Director-General of the National Council on Climate Change, said Nigeria’s transition beyond oil should be viewed as an evolution rather than a withdrawal from its energy leadership, describing it as “an evolution into a green energy giant.”

Sources: Guardian Nigeria, BusinessDay