Nigeria launches BOGA fund to drive economic diversification

The federal government has launched the Nigeria Beyond Oil and Gas Alliance (BOGA) Fund Programme, a two-year initiative aimed at accelerating economic diversification and strengthening long-term resilience beyond the oil and gas sector.

The initiative is designed to assess risks and opportunities in Nigeria’s evolving energy landscape and to develop policy options that support structural economic transformation and climate priorities.

Speaking during the launch in Abuja, Abubakar Atiku Bagudu, Minister of Budget and Economic Planning, underscored the need for a strategic approach to Nigeria’s diversification agenda, emphasising that the country must place greater value on its unique strengths while leveraging the right technologies and skills to drive sustainable growth.

He noted that effective economic diversification must be anchored on strong climate consciousness, stressing that Nigeria has the opportunity to grow its economy in ways that minimise environmental impact while strengthening resilience and creating jobs.

“Nigeria must place greater value on its unique strengths while harnessing the right technologies and skills to drive sustainable growth.

“Nigeria can grow its economy in ways that reduce environmental impact, strengthen resilience and create opportunities for its people,” Bagudu said.

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In her remarks, Omotenioye Majekodunmi, Director-general of the National Council on Climate Change (NCCC), said Nigeria’s transition beyond oil should be viewed as an evolution rather than a withdrawal from its energy leadership.

“Nigeria’s journey beyond oil is not a retreat from our status as an energy powerhouse, but an evolution into a green energy giant,” Majekodunmi said.

She said the collaboration with BOGA reflects Nigeria’s commitment to climate targets and a development path focused on fairness, funding and prosperity.

Also speaking at the event, Sian Bradley, Head of the BOGA Secretariat, said the alliance is committed to supporting countries in planning a just and orderly transition away from oil and gas.

According to Bradley, the program will support Nigeria’s first steps toward implementation of bold economic diversification pathways while advancing decarbonisation and emissions reduction,” Bradley said.

Executive director of Africa Policy Research Institute (APRI), Olumide Abimbola, said the initiative would help Nigeria better understand the implications of global energy changes for revenues, jobs and industries.

“This initiative will help Nigeria develop a clearer understanding of what a changing global energy landscape could mean for our economy and what practical options are available to strengthen resilience,” Abimbola said.

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