Nigeria’s vice president, Yemi Osinbajo has recently said that most of the revenue getting into the national treasury is majorly not from oil and gas exports.
Osinbajo said this at the Nigerian Society of Chemical Engineers (NSCHE) 51st Annual International Conference/AGM on Thursday in Lagos.
He, represented by the Minister of Science, Technology and Innovation, Dr Ogbonnaya Onu, pointed out that the Federal Government had worked actively to ensure that the country achieve economic diversification.
He also said that the nation could not afford to be taken unawares as crude oil and gas were no longer the major fuel that drives global economies.
According to him, this is due to the fact that more technologically developed nations of the world have switched to clean and renewable energy.
“Many countries in different continents are now preparing themselves to depend less on fossil fuels.
” Electric cars are found on roads and streets of many of the technologically developed countries of the world.
“This has sent a clear signal and a strong message that fossil fuels will not be as important as they are in years to come,” the Vice president said.
He reiterated that Nigeria must prepare for the future where crude oil, which had been its major source of revenue, would no longer occupy a prominent position in the economies of many nations.
He charged the Nigerian Manufacturers stakeholders at the conference to produce almost everything needed in the country which would translate to fewer imports, a stronger currency and a better economy.
