Business
We must prepare for a world without oil, ‘it’s no longer a question of if but when’- Osinbajo
Vice President Yemi Osinbajo Thursday said Nigeria must use its oil wealth to prepare for a future world without oil.
Osinbajo stated this at the 55th anniversary of the Oil Producers Trade Section of the Lagos Chamber of Commerce and Industry (LCCI) in Lagos.
He said Nigeria, as a member of the Organisation of the Petroleum Exporting Countries (OPEC), needed to focus on developing renewable energy and helping other businesses grow in order to adjust to the new reality of the declining significance of fossil fuels.
“It is no longer a question of if but when,” Osinbajo said, referring to global efforts to shift away from oil as a fuel.
“Oil-rich countries, such as ourselves, have an obligation to prepare for a destiny that may well be beyond oil,” he added.
Read also: 8 months after, members of minimum wage committee approved; inauguration pending
The vice president said that despite government’s oft-repeated pledge of diversifying the economy away from oil, oil earnings still provided two-thirds of public revenue.
He called on oil and gas majors in Nigeria, many of them represented in the audience, to invest in renewable energy research and development to enable Nigeria prepare for a “clean energy economy and the post-oil world”.
Osinbajo also spoke on challenges in the power sector.
He observed that the decaying power infrastructure meant that, despite Nigeria’s oil wealth, blackouts were common, forcing many businesses to rely on costly generators-fired power to operate, recalling the government’s plan to diversify power supply.
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Abeni Adebisi
November 3, 2017 at 9:57 am
Well said. Nigeria needs to start facing reality, oil isn’t sought-after as it used to be, Nigeria needs to prepare and find other means of generating income, so by the time oil purchase will depreciate, we’ll have other resources to rely on
Animashaun Ayodeji
November 3, 2017 at 10:01 am
Osinbajo made some point, however, it is important to know that since oil is still selling and adding more to our economy, we still have to keep producing so much pending the time the order will start dropping. We can still make a fortune out of it and install in other sectors for future uses.
Anita Kingsley
November 3, 2017 at 10:05 am
You’re right, Nigeria needs to get as much as possible from oil, invest the money in other sectors like agriculture for future uses, so that when request for oil drops, we’ll be able to rely on the sectors to save our economy.
Anita Kingsley
November 3, 2017 at 10:06 am
Osinbajo is one of the few leaders with foresight in this country, so far, he has been the most active vice president in the history of Nigeria’s democracy, this man deserves national applaud
yanju omotodun
November 3, 2017 at 8:03 pm
What applaud? You can applaud him if you so wish but as far I am concerned, he is not a better person because he has joined the bandwagon of liars in politics
JOHNSON PETER
November 3, 2017 at 4:19 pm
Always talking and talking all the time, aren’t you tired of talking without acting
Balarabe musa
November 4, 2017 at 3:29 am
They are acting as well
Balarabe musa
November 4, 2017 at 3:28 am
Very soon, Nigeria will like Ghana celebrating Years of uninterrupted power supply, baba buhari and Osinbajo are keen on that