Vice President Yemi Osinbajo has 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 (OPTS) of the Lagos Chamber of Commerce and Industry (LCCI) in Lagos. He said Nigeria, as a member of the Organisation ofPetroleum Exporting Countries (OPEC), needs to develop renewable energy and help other businesses flourish to adjust to the reality of the dwindling 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 said. 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 a post-oil world”.
- Leadership