Nigeria Launches BOGA Fund Programme to Drive Economic Diversification

Federal Government Unveils BOGA Fund in Abuja

The Federal Government of Nigeria officially launched the Nigeria Beyond Oil and Gas Alliance (BOGA) Fund Programme on Thursday, February 12, 2026, at the Abuja Continental Hotel. This two-year initiative marks a significant step in the nation's strategy to diversify its economy away from its traditional dependence on oil and gas revenues.

The launch event brought together senior government officials, development partners, private sector representatives, and civil society organizations to chart a pathway for structural transformation in Africa's largest oil producer.

Objectives and Scope of the Programme

The BOGA Fund Programme, an initial $800,000 initiative, is designed to assess the economic risks and opportunities within Nigeria's evolving energy landscape and to develop robust policy options for long-term structural transformation. It aims to strengthen the analytical foundations for policymaking, facilitate coordinated policy dialogue, and translate evidence into actionable recommendations aligned with Nigeria's climate and development priorities, including its Nationally Determined Contributions (NDCs).

Key outcomes expected from the programme include:

• Strengthening the analytical foundation for policymaking.
• Placing people at the center of economic planning.
• Expanding opportunities for women and youth.
• Identifying credible pathways for economic diversification beyond oil and gas.
• Developing targeted policy recommendations to support workers and communities affected by structural shifts in the energy sector.

Statements from Key Officials

Abubakar Bagudu, the Minister of Budget and Economic Planning, emphasized the need for a deliberate and strategic approach to diversification. He stated that Nigeria must 'better harness its unique strengths while leveraging technology and skills to drive sustainable growth,' stressing that economic transformation should be anchored on climate consciousness. He further noted that diversification is not merely about reducing dependence on oil revenues but about applying science, skills, and technology to traditional sectors such as agriculture, fishing, artisanal mining, and woodwork to unlock higher value in a climate-smart manner.

Omotenioye Majekodunmi, Director-General of the National Council on Climate Change (NCCC), described the initiative as a critical step in Nigeria's transition journey. She remarked, 'Nigeria's journey beyond oil is not a retreat from our status as an energy powerhouse, but an evolution into a green energy giant.' Sian Bradley, Head of the BOGA Secretariat, who delivered a goodwill message virtually, reiterated the alliance's commitment to supporting countries in their early planning stages for a just, orderly, and equitable transition away from oil and gas.

Collaborative Implementation

The programme is being led by the National Council on Climate Change (NCCC) on behalf of the Federal Government and implemented by the Africa Policy Research Institute (APRI), in collaboration with the Beyond Oil and Gas Alliance (BOGA) and the Society for Planet and Prosperity (SPP). Nigeria is the fifth country globally to establish a programme under the BOGA Fund, underscoring its commitment to a future less reliant on fossil fuels.