NEC Pushes Nigeria Beyond Oil, Prioritises Non-Oil Revenue Drive
The National Economic Council (NEC), has resolved to intensify engagement with key stakeholders to significantly boost non-oil revenues as part of the economic roadmap of President Bola Ahmed Tinubu’s administration.
Vice President Kashim Shettima, who chairs the Council, said Nigeria must urgently accelerate its transition from an oil-dependent economy to a diversified one driven by competitive manufacturing, export expansion and sustained private sector investment.
The resolutions were reached on Thursday during the 156th meeting of the NEC, the first for 2026, which was held virtually following a presentation on economic priorities for the year by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun.
According to a statement by the Vice President’s spokesman, Stanley Nwkocha, the Council also approved the constitution of a special committee to implement the President’s directive on the actualisation of key legacy projects.
The committee is to be chaired by the Governor of Cross River State, with governors representing each geopolitical zone as members. These include Sokoto for the North West, Gombe for the North East, Niger for the North Central, Abia for the South East and Lagos for the South West.
The Permanent Secretary of the Ministry of Budget and Economic Planning, Mrs Deborah Odoh, will serve as secretary, while the Ministers of Works and Transportation are also members.
In his presentation, Edun highlighted major reforms undertaken by the Tinubu administration, noting that targeted programmes have helped remove economic distortions, stabilise the macroeconomic environment and place Nigeria on a path of sustained recovery.
He said these reforms have improved global perception of the Nigerian economy, reinforcing investor confidence, with growth projected at 4.68 per cent in 2026.
Key priorities outlined include sustaining economic competitiveness through sound governance, improving food availability and affordability, strengthening human capital development, expanding social protection, and ensuring the timely payment of salaries, pensions and debt obligations.
The NEC commended the Federal Government’s plans to unlock job-rich growth, promote entrepreneurship and create high-quality employment opportunities.
The Council also resolved to dedicate a special session to addressing challenges affecting food security, with particular focus on boosting agricultural productivity.
In his opening remarks, Vice President Shettima warned that global economic uncertainty would continue to expose Nigeria to volatility in oil prices, exchange rates and capital flows.
He said this reality has reinforced the urgency of fiscal risk management and reducing the country’s reliance on oil revenues.
According to him, the non-oil sector now accounts for about 96 per cent of Nigeria’s gross domestic product and contributes nearly three-quarters of total government revenue, growing at an average rate of about 4 per cent.
He said services, agriculture and other non-oil sectors are increasingly driving growth, marking a gradual but significant departure from Nigeria’s historic dependence on oil.
Shettima stressed that while the economy recorded notable growth in 2025, expansion must not be mistaken for adequacy.
He noted that the 3.9 per cent growth recorded last year, the fastest in over a decade, is still insufficient to significantly reduce poverty or create jobs at the scale required.
With population growth estimated at 2.6 per cent annually, he said Nigeria must pursue higher growth levels to withstand inflationary pressures and external shocks.
The Council was also briefed on the balances of key national accounts, including the Excess Crude Account at 535.8 million dollars, the Stabilisation Account at 64.65 billion naira and the Natural Resources Account at 97.37 billion naira.
Updates were provided on the implementation of presidential directives on major infrastructure projects, particularly the Lagos-Calabar Coastal Highway and the Sokoto Badagry Super Highway.
The NEC noted that the Office of the Surveyor General of the Federation has been moved to the Presidency in line with the President’s directive.
The World Bank Group also briefed the Council on its proposed Country Partnership Framework for Nigeria, which emphasises large-scale national programmes implemented at the state level and result-based financing.
The presentation highlighted the importance of investing in early childhood development, agricultural value chains and human capital to drive long term growth.
On tax reform, the Council was informed that the proposed changes aim to address inequity, reduce complexity, promote shared prosperity and make the tax system more growth-friendly
NEC directed the tax reform committee to present a more comprehensive briefing at its February conference to prepare states for effective implementation.
The Council pledged stronger collaboration with the World Bank and other partners to support the implementation of President Tinubu’s Renewed Hope Agenda and drive sustainable, inclusive economic growth across the country.
