Nigeria’s Untapped Treasure Trove: N10 Trillion from Efficiently Managed Non-Oil Assets?

Imagine a hidden wealth chest, overflowing with N10 trillion annually. That’s the potential bounty Nigeria could be reaping, according to Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms. But this treasure isn’t buried deep within the earth; it resides right under our noses – in the country’s vast yet underutilized non-oil assets.

In a recent speech at a Lagos stakeholders’ forum hosted by the Harvard Business School Association of Nigeria, Oyedele painted a stark picture of untapped potential. He estimates Nigeria’s non-oil assets – encompassing everything from land and agriculture to real estate and infrastructure – to be worth a staggering N80 trillion to N100 trillion. Yet, these assets remain shrouded in neglect and mismanagement, failing to contribute their fair share to the national coffers.

He said, “We found out that other than oil when you are talking about assets. Some estimates, although still working on it, show something in the region of N80 to N100tn scattered all over the place. We haven’t shown any care at all as a country about those assets such that they have been mismanaged.”

“We also found an asset worth trillions of naira, and someone even dared to register a company with the Corporate Affairs Commission to hold those assets and the shareholders are still in this same Nigeria,” the chairman said.

So, how can Nigeria unlock this treasure chest?

Oyedele proposes a multi-pronged approach:

• Inventory and valuation: Conducting a comprehensive audit of all non-oil assets is crucial to understanding their true worth and potential.
• Improved management: Implementing efficient management practices, including public-private partnerships and digitalization, can optimize asset utilization and generate revenue.
• Transparency and accountability: Establishing clear ownership structures and robust regulatory frameworks is essential to prevent mismanagement and corruption.
• Diversification: Relying less on oil and tapping into the wealth of non-oil assets can create a more stable and resilient economy.

Unlocking the potential of Nigeria’s non-oil assets is not simply an economic imperative; it’s a pathway to social progress and development. By channeling the revenue generated into vital sectors like healthcare, education, and infrastructure, the country can create a brighter future for all its citizens.