The federal government Wednesday 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.
The programme is also expected to support long-term economic diversification beyond oil and gas in rural communities across the country.
Daily Trust reports that the initiative was launched at an event organised by the Nigerian Council on Climate Change (NCCC), in partnership with the Africa Policy Research Institute (APRI) and the Beyond Oil and Gas Alliance (BOGA).
Speaking at the event, the Minister of Budget and Economic Planning, 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.
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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, he said the country has maintained strong fishing, agricultural and cultural industries despite being a major energy producer, demonstrating that economic uniqueness can be developed sustainably.
He also cited Netherlands as an example of how a small landmass can generate agricultural exports far exceeding Nigeria's peak oil earnings through technology and efficient value chains.
"We have missed historic opportunities. We can learn from those lessons so that we can do better. We are not where we want to be, but with the right choices -- courageous choices -- we will get there," he said.
Bagudu explained that the Nigerian government needs to create jobs and achieve sustainable economic growth.
However, he said, "But if we pursue growth the wrong way, we may destroy the environment and climate in ways our children will not remember kindly."
"Nigeria's journey beyond oil and gas is not only about diversification; it is about valuing our uniqueness -- utilising all the strengths available to us to generate value sustainably and responsibly," he told the participants.
In her keynote address, the Director-General of the NCCC, Omotenioye Majekodunmi, described the initiative as a critical step in Nigeria's transition journey.
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"Nigeria's journey beyond oil is not a retreat from our status as an energy powerhouse, but an evolution into a green energy giant," she said.
On her part, Sian Bradley, Head of the BOGA Secretariat, who delivered her goodwill message virtually, reiterated the alliance's commitment to supporting countries at an early stage of planning for a just, orderly and equitable transition away from oil and gas.
She commended Nigeria's acknowledgement of economic challenges and diversification pathways in its third Nationally Determined Contribution (NDC).
She noted that the programme would support early implementation efforts alongside broader decarbonisation, methane reduction and upstream emissions-cutting initiatives.
