Nigeria’s non-oil revenue has risen 15.7% above the Federal Government’s targets to N1.15 trillion.
This was revealed by the Minister of Finance, Budget and National Planning, Zainab Ahmed at the Institute of Directors (IoD) 2021 Annual Directors Conference which was held physically and virtually on Wednesday in Abuja, according to the News Agency of Nigeria.
She said this is a testament to the FG’s efforts in diversifying the economy, at the event themed, “Creating the Future: Deepening the Corporate Governance Practice through Multi-Sectoral and Multi-Generational Collaborations”.
What the Minister is saying
She stated that the non-oil revenue growth showed Nigeria’s resilience in recovery from recession from pandemic which brought challenges to global economies.
She also stated that the FG’s implemented monetary efforts to the private sector to stimulate growth, and is committed to further growth in the economy.
“Nigeria was quickly able to exit recession and is on her way to path of sustainable growth and we are intensifying efforts to grow and diversify our revenue sources to grow revenue from the current 8%.
“Our non-oil revenues have grown to N1.15 trillion, representing 15.7% above set target.
“We are working on the 2021 finance bill and it’s nearing completion.
“Also, the recent approval of the medium-term national development plan is an important milestone of Buhari’s commitment to delivering sustainable growth and we require strong support and monitoring during implementation,” she said.
She also addressed the recently launched Infrastructural Corporation of Nigeria (InfraCo), stating that it would increase investments in the Nigerian infrastructure sector to spur growth in key sectors of the Nigerian economy
What you should know
Nigeria’s non-oil sector grew by 5.44% in real terms during the reference quarter (Q3 2021). The growth recorded in the non-oil sector was mainly driven by trade, Information and Communication (Telecommunication).
Other drivers include Financial and Insurance (Financial Institutions); Manufacturing (Food, Beverage & Tobacco); Agriculture (Crop Production); and Transportation and Storage (Road Transport).
In real terms, the non-Oil sector contributed 92.51% to the nation’s GDP in third quarter 2021, higher from the share recorded in the third quarter of 2020 which was 91.27% and lower than the second quarter of 2021 recorded as 92.58%.