Nigeria can easily earn N10tn annually from Untapped Non-oil assets – Taiwo

Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, unveiled an eye-opening projection during a stakeholders’ forum organized by the Harvard Business School Association of Nigeria in Lagos.

Oyedele emphasized Nigeria’s immense potential to amass an astounding N10 trillion annually by effectively managing its non-oil assets.

At the event, Oyedele highlighted the overlooked value of the country’s non-oil resources, estimated between N80 trillion to N100 trillion, expressing dismay at their lack of attention and mismanagement over the years.

Drawing attention to scattered and underutilized assets, the chairman spotlighted trillions of naira worth of assets, some registered under local companies with shareholders in Nigeria. Oyedele stressed the urgency of strategic asset management, proposing the sale of underperforming assets as a means to generate liquidity and stimulate economic growth.

Oyedele underscored the potential economic windfall, outlining the possible annual return of N10 trillion from efficiently managing a N100 trillion asset portfolio, even with a modest 10 percent yield.

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Additionally, he outlined forthcoming comprehensive tax reforms from the Committee. These reforms aim to spur economic growth, alleviate business burdens, and optimize Nigeria’s economic potential. The proposed strategies aim to maximize existing assets’ value, either by enhancing their utility or converting them into liquid resources.

Highlighting the ripple effect, Oyedele foresees increased tax contributions from a thriving private sector, concurrently boosting foreign exchange liquidity. The Committee’s proactive stance suggests a potential transformation, presenting a promising avenue for Nigeria’s economic growth and advancement.