The National Economic Council (NEC) has reaffirmed its commitment to further expanding Nigeria’s non-oil revenue base, noting that the sector currently contributes about 75 per cent of total government revenue.

The pledge was made by the Chairman of the Council and Vice President, Kashim Shettima, following the NEC’s 156th virtual meeting—the first session of the year—held on Thursday.

In a statement released by a presidential media aide, Stanley Nkwocha, Shettima said the renewed emphasis on non-oil revenue growth is in line with the economic agenda of President Bola Tinubu’s administration.

The Vice President stressed the urgency of accelerating Nigeria’s transition from oil dependence to a more resilient, diversified economy powered by competitive manufacturing, export diversification, and increased private sector investment.

He explained that prevailing economic realities have further exposed the risks associated with oil revenue volatility, underscoring the need to strengthen fiscal risk management and broaden alternative income sources.

According to Shettima, the non-oil sector now forms the backbone of Nigeria’s economy, accounting for about 96 per cent of the country’s Gross Domestic Product (GDP) and recording growth of approximately four per cent.

“Services, agriculture and other non-oil sectors are increasingly carrying the weight of the economy. More importantly, non-oil revenues now contribute nearly three-quarters of total government collections,” he said.

“This marks a significant, though gradual, shift away from our historic reliance on volatile oil receipts. The task ahead is to deepen this transition through competitive manufacturing, export diversification and sustained private sector investment.”