The National Bureau of Statistics (NBS) has revealed that the dominance of oil revenue is expected to diminish continually, with an increasing focus on global climate change and sustainable development goals.
The Bureau made the disclosure during the virtual 2nd Nigeria Data Summit organised by the National Information Technology Development Agency, with the theme, “Leveraging National Data for Nigeria’s Digital Economy.”
In his keynote address at the webinar, the Statistician-General, NBS, Yemi Kale, explained that although crude oil revenue had provided Nigeria with the opportunity to grow its infrastructure, this revenue would continue to diminish in future based on various tenable projections.
He said, “Crude exports account for 80 per cent of total exports, which means much of the value creation and benefits of our minerals generally is not within our economy.
“Indeed, there has been signs that in the emerging economic landscape of the future, our ability to continue to rely on crude oil earnings will be severely curtailed, for instance, gross oil and gas revenue was projected at N9.3tn in 2019.
“But only about N4.6tn was realised, representing less than half of budgeted revenue. With an increasing focus on global climate change and the sustainable development goals, the dominance of oil revenue can be expected to continually diminish.”