The Federal Government has unveiled the Nigeria Beyond Oil and Gas Alliance (BOGA) Fund Programme, a two-year initiative aimed at assessing economic risks and opportunities as the country transitions from heavy reliance on oil revenues.

The programme, launched in Abuja, is designed to support the development of policy options for long-term economic diversification beyond the oil and gas sector.

Speaking at the event, Minister of Budget and Economic Planning, Abubakar Atiku Bagudu, said diversification must be environmentally sustainable, technology-driven and anchored on Nigeria’s local economic strengths.

He noted that the objective goes beyond reducing dependence on crude oil earnings. Instead, he said, it involves applying science, skills and innovation to traditional sectors such as agriculture, fishing, artisanal mining and woodwork to unlock higher value in a climate-smart manner.

Bagudu cited Norway as an example of a resource-rich nation that has sustained strong fishing, agricultural and cultural industries alongside energy production. He also referenced Netherlands, noting that its agricultural exports, powered by technology and efficient value chains, surpass Nigeria’s peak oil revenues despite its small landmass.

The minister disclosed that the government is developing a framework to map economic potential at the ward level, identifying local comparative advantages and linking communities with financing, skills and technology.

He said the initiative would enable fishing communities to meet international standards and access global seafood markets, while farmers would benefit from improved seedlings and climate-resilient practices.

The BOGA Fund Programme forms part of broader efforts to reposition Nigeria’s economy for sustainable growth amid global energy transition pressures.