What if 80% of the Nigerian state’s revenue came from non-oil sectors in the next three years, as promised by the authorities? In any case, a historic success is looming on the horizon of Africa.
This is likely the flagship announcement of the recent Canada-Nigeria Summit in Abuja. During this reunion, Nigeria indicated that in the next three years, its revenues should be 80% of revenues from non-oil sectors.
« We are moving from an oil dependent economy to a non-oil dependent economy. We believe that over the next three years, the non-oil sector will contribute at least 80% of total revenue, « said Tunde Fowler, Head of the Federal Internal Revenue Service (FIRS).
And Mr. Tunde knows what he’s talking about. « You can ask where it will come from. It will come from agriculture, « he continued.
With a production of more than 2 million barrels a day, Nigeria is the largest oil producer in Africa. And its economy so far depends on 80% of oil revenues.
If Nigeria succeeds in reversing this trend, it could be cured of the resource curse that afflicts many African countries that have locked their economies in the extractive industries.
We could talk about the Nigerian miracle in an Africa where the diversification of the economy has remained since the dawn of time the best sung song.