Nigeria must use oil wealth to prepare for future – Osinbajo

Vice President Yemi Osinbajo on Thursday said Nigeria must use its oil wealth to prepare for a future when the world no longer runs on fossil fuels.

The vice president 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 develop renewable energy and help other businesses flourish to adjust to the reality of the dwindling significance of fossil fuels.

He said the government had long talked of diversifying Africa’s largest economy away from reliance on oil, but earnings from output of crude still provide two-thirds of state revenue.

The vice president called on oil and gas majors in Nigeria, many of them represented in the audience, to invest in renewable energy research and development to help Nigeria prepare for a “clean energy economy and the post-oil world”.

(NAN)

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