In response to the evolving energy landscape in the country, the Federal Government of Nigeria has unveiled the Nigeria Beyond Oil and Gas Alliance (BOGA) Fund Programme.
Nigeria’s economy remains significantly dependent on oil and gas revenues, with potential for fiscal volatility and transition-related risks as global energy systems shift. This two-year project aims to improve coordinated policy dialogue and strengthen the analytical basis for decision-making to promote a managed, evidence-based economic diversification.
It is also meant to help in translating evidence into actionable recommendations that are in line with Nigeria’s development priorities, such as its Nationally Determined Contributions (NDCs).
Speaking during the event, which was organised by the National Council on Climate Change (NCCC) in Abuja on Thursday, February 12, 2026, Minister of Budget and Economic Planning, Abubakar Bagudu, emphasised the importance of Nigeria’s economic diversification strategy.
According to him, Nigeria must prioritise its own assets and leverage the appropriate technology and expertise to promote sustainable growth, which calls for an economic diversification plan of action.
He went on to explain that this proposed economic diversification plan must be anchored in strong climate consciousness, stressing that Nigeria has the opportunity to grow its economy in ways that minimises environmental impact while strengthening resilience and creating jobs.
Director-General of the National Council on Climate Change (NCCC), Mrs. Omotenioye Majekodunmi, in her keynote speech at the occasion, observed that Nigeria’s journey beyond oil is not a retreat from our status as an energy powerhouse, but an evolution into a green energy giant.
“Our collaboration with BOGA reinforces our commitment to the 1.5°C pathway while prioritising a development trajectory that is fair, funded, and focused on the prosperity of our people,” Majekodunmi stated.
Sian Bradley, head of the BOGA secretariat, reiterated BOGA’s commitment to supporting countries at an early stage of planning for a just, orderly and equitable transition away from oil and gas.
She commended the acknowledgement of the economic challenges and the need for bold economic diversification pathways in Nigeria’s third NDC and highlighted the programme’s role in supporting the country’s first steps towards implementation, alongside wider efforts to advance decarbonisation and methane and upstream emissions reductions.
Dr Olumide Abimbola, Executive Director of the Africa Policy Research Institute (APRI), said the project will help Nigeria to develop a more comprehensive, mutual understanding of the potential implications of a shifting global energy landscape for the nation.
“It will also help us identify credible pathways for economic diversification beyond oil and gas and the kinds of policies and enabling conditions needed to unlock new opportunities and drive competitiveness,” Dr Abimbola asserts.
On his part, the Director General of the Society for Planet and Prosperity (SPP), Prof. Chukwumerije Okereke, underscored that Nigeria’s challenge is not simply to transition away from fossil fuels but to strategically manage the risks and opportunities of a changing global energy system.
Prof. Okereke, who was represented at the meeting by Timothy Ogenyi, hinted that the initiative is important because it anchors this transition in rigorous evidence, economic realism, and justice for workers and communities.
“SPP is honoured to contribute to this important endeavour alongside APRI, NCCC, BOGA, and our wider community of partners, and it is our prayer that this work will help shape Nigeria’s low-carbon sustainable development and the prosperity of our country,” he stated.
This project, which is led by the NCCC and implemented by APRI, reflects the nation’s commitment to its national and international efforts on climate action and emissions reduction. With this announcement, Nigeria becomes the fifth country in the world to establish the BOGA fund, joining the likes of Colombia.
By Nsikak Emmanuel Ekere