…Nigeria needs a proposed Council for Revenue and Financial Management Professionals, chartered by the National Assembly to set standards, enforce ethics, and coordinate all professionals working in public revenue and financial management. When professionals lead, leakages fall, compliance rises, and public confidence grows
By Kemi Otunuga
Nigeria in 2026 is at a turning point that demands urgent economic rethinking. With the global shift away from fossil fuels, persistent foreign exchange pressures, and growing expectations for public services, the country can no longer sustain itself on crude oil alone. Under President Bola Ahmed Tinubu’s reform agenda, the national priority must move toward a diversified revenue model anchored on four pillars: responsible development of natural resources, revival of key industries, intentional preservation of culture and identity, and deep financial inclusion for all Nigerians.
The foundation of this new model lies in Nigeria’s natural endowments. The country holds an estimated 44 commercially viable solid minerals, massive gas reserves, and expansive arable land. For too long however, these assets have been exported raw, meaning we export jobs and import poverty. To reverse this, government must focus on domestic value addition by establishing regional mineral processing hubs where lithium from Nasarawa, gold from Zamfara, and bitumen from Ondo are refined before export. This retains more value, earns higher foreign exchange, and spawns industrial clusters. Equally critical is energy. Revenue from gas commercialization and renewables must be deliberately channeled into power generation and transmission because no textile mill, agro-processor, or SME can scale without reliable electricity. Power is the enabler of industrial revenue. Agriculture must follow the same path. Instead of shipping raw cocoa, sesame, and cashew, Nigeria should invest in processing and branding to multiply forex earnings and raise rural incomes. A resource-based industrialization strategy offers the most credible way to reduce volatility and grow non-oil revenue.
Industry revival must be deliberate. The textile sector presents one of the fastest routes to jobs and forex conservation. The National Assembly should therefore pass a National Educational and Ceremonial Apparel Act that mandates all primary, secondary, and tertiary school uniforms to be made from fabrics produced in Nigerian mills, and that all matriculation and graduation gowns in universities, polytechnics, and colleges be sourced locally. Such a law would breathe life back into factories in Aba, Kano, and Kaduna, support cotton farmers, and keep billions of naira circulating within the economy. It shows how public procurement can serve as both industrial and revenue policy.
…Nigeria’s future will not be funded by oil alone, but by lithium and gold, by cotton and creativity, by gas and discipline, and by a people who see their language, faith, and heritage reflected in national progress. The time for structural diversification is now
None of this will hold without trust in revenue administration. Across federal and state governments, technology and data are already improving collection and agency performance. For this progress to last, citizens must see a clear dividend. Revenue efforts must translate into motorable rural roads, stable power in industrial hubs, functional primary healthcare, and quality education. Development cannot remain concentrated in cities. Equitable infrastructure across rural and urban areas is essential to build confidence and sustain compliance.
Economic diversification must also be cultural. The United Nations estimates that 40% of the world’s languages could disappear this century. With over 500 languages, Nigeria cannot afford to be part of that loss. Religious institutions, traditional councils, and schools are best placed to lead preservation. This means the intentional interchangeable use of indigenous languages alongside English in sermons, announcements, and civic education so that a child hears both “God loves you” and “Olorun nifẹ rẹ” in the same week, internalizing faith and heritage together. It also means embedding Nigerian attire, music, and crafts into religious gatherings, festivals, and national ceremonies, not only to preserve identity but to create markets for local artisans. Culture is not a liability. When developed intentionally, cultural tourism, indigenous knowledge, and the creative industries become real revenue streams. Language is more than communication. It is identity, history, and an economic asset.
Broadening participation in the formal economy through financial inclusion is the final pillar. In the Nigerian context, financial inclusion means that every adult has affordable access to the range of formal financial services they need. With a vast informal sector, expanding inclusion is central to expanding the tax base and reducing poverty. Professional bodies have a key role here. ICAN must lead on transparency, ethical reporting, and capacity building for revenue officers at all levels of government. NICA should drive grassroots inclusion by equipping SMEs, market associations, and cooperatives with credit literacy and pathways to formalization. CIBN must expand affordable digital financial services and agency banking, especially in rural areas. Beyond these, Nigeria needs a proposed Council for Revenue and Financial Management Professionals, chartered by the National Assembly to set standards, enforce ethics, and coordinate all professionals working in public revenue and financial management. When professionals lead, leakages fall, compliance rises, and public confidence grows.
The social contract for 2026 and beyond is straightforward. Development will be funded from federation allocations and internally generated revenue, not from personal wealth. Citizens and businesses must participate in the formal economy, and in return government must demonstrate prudence and deliver infrastructure, power, and cultural preservation. Nigeria’s future will not be funded by oil alone, but by lithium and gold, by cotton and creativity, by gas and discipline, and by a people who see their language, faith, and heritage reflected in national progress. The time for structural diversification is now.
•Kemi Otunuga is a Lagos-based educationist.
•Opinions, positions or thoughts expressed here are personal and strictly of the writer/author and do not represent the views of The Daily Crucible.
