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. 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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posted at 03-11-17

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