Vice President Yemi Osinbajo has confessed that for Nigeria to get out of the oil economy, it needs oil.
“As we move to diversify our economy, we are acutely aware that we need oil to get out of oil.”
Professor Osinbajo spoke today, Monday at the presentation of three books written by the minister of State for Petroleum Resources, Dr. Ibe Kachikwu in Abuja.
The Vice President regretted that because of various challenges such as the deregulation of the downstream sector and its continuing challenges, vandalism of pipelines and export facilities and the critical drop in production, gas to power issues, the urgent imperatives of local refining, cash call problems and the plans to exit that regime and empowering indigenous operators, “our window of opportunity to benefit maximally from the petroleum industry is narrowing.”
He said that the increasing breakthroughs in renewable energy use and the incredible speed of the expansion of the use of electric vehicles all point to the fact that “the party might be over sooner than we expected.” [myad]