ZERO OIL PLAN
Plan · Finance
A Plan diversifies Nigeria's economy by promoting non-oil sectors such as agriculture, manufacturing, and services. It targets federal and state governments, businesses, and exporters in these areas. The plan seeks to reduce oil dependency and create a sustainable revenue base.
What Is This Policy?
A strategic plan by the Federal Government to diversify Nigeria's economy away from oil dependency by developing non-oil revenue sources and export sectors.
Who Does It Target?
Federal and state governments, non-oil sector businesses, exporters, agricultural producers, and manufacturing companies.
What Does It Aim to Achieve?
Reduce Nigeria's dependence on crude oil revenue, grow non-oil sectors including agriculture, manufacturing, mining, and services, and create a sustainable revenue base.
Key Features
Revenue Diversification: Identifies and develops alternative revenue sources beyond oil. Non-Oil Export Promotion: Supports growth of agricultural, manufacturing, and service exports. Tax Reform: Improves non-oil tax collection and compliance. Private Sector Growth: Creates an enabling environment for private sector-led economic diversification.
Current Status
Rollout Stage: Active with ongoing implementation. Coverage: Nationwide economic policy. Funding: Federal budget and development partner support.
How to Access
Businesses benefit through improved policies, incentives, and export support programmes. Engage with relevant government agencies Access export incentives and support programmes Participate in non-oil sector development initiatives
Impact & Metrics
Aims to build a resilient economy less vulnerable to oil price fluctuations.
Official Resources
Website: budgetoffice.gov.ng Contact: Federal Ministry of Finance, Abuja
Legal Framework
Operates under the Fiscal Responsibility Act 2007, the National Planning Commission Act, the Medium-Term Expenditure Framework, the Nigerian Export Promotion Council Act, and the Nigerian Investment Promotion Commission Act 1995. Draws on the ECOWAS Community Growth and Stability Pact and the World Bank economic diversification guidelines for resource-dependent economies.