4 Untapped revenue sources for Nigerian Governments apart from Oil

See the top 4 untapped revenue sources for Nigerian Governments apart from Oil. INigerians will be better off if they exploit these sources very well.

Since the discovery of oil in 1956, coupled with the promising booms of 1970s and 1980s, the Nigerian government has been practising a monolithic system of economy. The implication of this is untapped revenue resources resulting in severe hardship.

4 Untapped revenue sources for Nigerian Governments apart from Oil

Crude oil, sure, has its benefit as it has maintained the economy for years. However,with recent declines in prices of oil in mid-2014 affecting oil manufacturing countries, which Nigeria is a member, the economic situation of the country is deteriorating speedily.

The nation suffers greatly owing to its sole dependence on financial gains from petroleum. Records and statistics indicate Nigeria as a country blessed with revenue sources aside from crude oil that can generate revenue for its economy.

However,these revenue sources are untapped. An instance of this is the case of the state governments who can’t afford to pay salaries, yet, they live in environments full of untapped natural resources.

This article will discuss some untapped revenue sources for the Nigeria government which have been disregarded over years due to their sole interest in crude oil. These untapped revenue sources are either unutilised or underutilised.

Read Also: Role of Entrepreneurship on Wealth Creation in Nigeria

1. Untapped revenue sources for Nigerian – AGRICULTURE

One of the famous untapped revenue resources for the Nigeria government is agriculture. Long before the oil wake in Nigeria, the international market knows Nigeria for her agrarian economy through which cash crops like palm produce, cocoa, timber, rubber, groundnut, etc., were export products.

Thus making Nigeria in that regard a major exporter. Presently, it is saddening that Nigeria imports most of her agricultural products for human consumption.

Yet, these agricultural products are plentiful on our soil. If the agricultural sector undergoes revival, it’s certain a remunerative and reliable source of revenue owing to the growing demand for food driven by an outsize population and growing incomes likewise as higher costs within the international market.

Additionally, the agricultural sector will also pave way for employment opportunities in contrast to the oil sector where employment opportunities are scarce. The little spaces available for employment are for specialists.

Read Also: 5 Roles of Agriculture in Nigeria’s Economy

2. Untapped revenue sources for Nigerian – SOLID MINERALS

Another source of untapped revenue is the plentiful solid minerals present in the nation. Reports from the Nigeria Extractive Industries and Transparency Initiative (NEITI) claims they are about 44 solid minerals and precious metals distributed all over the soils of the 36 states of the federation including the Federal Capital Territory (FCT).

Most of which are unutilised. Coal, present in Enugu as well as the east bank of Niger River, is reliable and cost effective sources of energy that can help meet global energy demand, yet, there are numerous complaints of epileptic power supply. Due to lack of electricity, companies have folded up and there has been low turnout of investors.

Another solid mineral is gold. Gold is present in areas such as Anka, Birnin, Gwara-Kwaga, Gurmana, Bin Yauri, Maru etc. The value of gold is intrinsic and of great worth. Experts lament the loss of trillions of naira by the Nigerian governments in the gold mining industry.

The bitumen for  our road constructions is from other countries; nonetheless, billions of tons cover areas such as Lagos, Edo, Ogun, and Ondo states in the country. This hydrocarbon additionally produces oil which can function as a substitute to crude oil.

Limestone found in Enugu, Edo, Abia, Bayelsa, etc., is a raw material significant the building and construction industries. Others include but not restricted to iron ore, lead/ zinc, rock salt, gypsum, tantalite, kaolin, etc.

Precious stones like marble, kaolin, ruby, sapphire, topaz, amethysts, etc., are present in various parts of the country. This can fetch the government of Nigeria billions of greenbacks.  For instance, Paraiba tourmaline (Oyo state) costs $5,000 in international market by experts.

The National Bureau of Statistics (NBS) as at the year 2014 claims that the solid mineral sector has the potential to increase a minimum of 5 per cent in the year 2017, and 10 per cent in 2020. Also, the industry is capable of providing jobs directly or indirectly.

See the: Top 10 Natural Resources In Kogi State Nigeria And Their Economic Values

3. Untapped revenue sources for Nigerian – MANUFACTURING

Many wealthy nations have manufacturing as their holy grail. The World Trade Organization (WTO) notes that 80 per cent of the trade among regions is merchandise trade whereas the remaining 20 per cent is for services.  Services that depend on manufactured goods.

Suffice me to say that the manufacturing sector of a country can determine its growth irrespective of such country’s natural resources. Exportation of manufactured products is liable to generate higher GDP growth paving ways for higher incomes and marginal tax revenue.

Take for instance, Japan, Italy, Belgium, Switzerland, Taiwan and South Korea have no natural resources to thrive on. However, they are to experience rapid industrial growth due to the implementation of friendly manufacturing policies. These countries make export of products which are also present in Nigeria.

The same goes for Nigeria; Nigeria has more than enough in terms of raw materials for manufacturing. It is not enough for Nigerians to patronize Nigerian created merchandise; Nigerian goods are to be made available for exports. By so doing, the country generates foreign revenue for economic growth.

Read Also: How to Start Toilet Roll or Toilet Paper Production Business in Nigeria

4. Untapped revenue sources for Nigerian – TOURISM

Tourism is also one of the untapped revenue sources for the Nigerian government. Tourism is an economic opportunity and development catalyst for countries. Reports have it that Nigeria has the potentials to generate revenue from its rich cultural heritage, beautiful landscape, and its heterogeneous festivals.

Most European countries generate income from individuals who travel to their countries. Nigerian can also make the tourist industry demanding from both locals and foreigner.

Nigeria is ideal for eco-tourism, wildlife, amusement, leisure, adventure, cultural and heritage sites, religious rites, outdoor and indoor sport tourism, meetings, among many others which can attract the curiosity of people.

Among these tourist attractions include but not limited to Obudu Cattle Ranch, Yankari Games Reserve, Olumo Rock, Zuma Rrock, Ancient Kano Wall, The Long Juju Shrine of Arochukwu, Lake Chad, Mbari Cultural centres, etc.

On the UNESCO World Heritage List is the Sukur World Heritage site located at Adamawa and the Osun Oshogbo Sacred Groove in Nigeria, respectively.

Coupled with tourism is the entertainment industry- Nollywood which currently places third in the world. This industry, by experts, is said to have potentials for economic growth.

There is need for the Nigerian government to exploit the economic benefits.  Policies  that promote travel facilities and international cooperation should be implemented. This will not be only generate revenue, but also, create jobs and development.

Coupled with tourism is the entertainment industry- Nollywood which currently places third in the world. This industry, by experts, is said to have potentials for economic growth.

Other untapped sources of revenue include the textile and apparels industry, the pharmaceutical sector, the maritme sector in transportation, etc.

Finally, it is obvious that the Nigerian government has many untapped sources of revenue which has been disregarded for petroleum. These untapped revenue sources, when properly utilized, have the potentials to generate income for the growth of the economy.

See the: 5 Tourist attraction centres you should visit in south-western Nigeria

Also, it will provide employment opportunities to millions of unemployed citizens. Lastly it will improve the living conditions of its citizens.

It is therefore important for the Nigerian government and also private bodies to join forces in the harnessing of these untapped sources of revenue for the development of the country.

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