Nigeria’s oil will be useless in 20 years – Osibanjo

According to reports, Vice President Yemi Osinbajo has said Nigeria must move fast to diversify its economy else it will end in regret.
He said the days of crude oil as Nigeria’s major source of revenue are numbered.
“We must be smart and act intelligently and fast,” he said.
The vice president stated this on Monday, January 16, in when he visited Gbaramatu kingdom in Delta State as part of his peace mission to the Niger Delta region.
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‘Nigeria’s oil will be useless in 20 years’ – Osinbajo says


After meeting behind closed doors with leaders of Gbaramatu at the palace of the Pere of Gbaramatu kingdom, Oboro Gbaraun II Aketekpe, Osinbajo while speaking to a large crowd told the people that the future of the oil industry is full of enormous challenges.
He said: “In another 20 to 30 years, our oil won’t be as precious as it is today and that is reality? America has stopped buying oil from us. All the countries of Asia that buy oil from us are building alternative means of power, China and Japan are developing electric cars. In fact, Japan has more charging stations than petrol stations. Solar power is getting cheaper.
“The Niger Delta of today is one where aside environmental degradation, between 1998 and 2015, over 20,000 persons have died from fire incidents arising from breaching of the pipelines.
“To prepare for a great future for the Gbaramatu kingdom, three things must happen: we must recognise the unique environmental challenges the Niger Delta is facing, we must also recognise that the Niger Delta is a special economic zone for this nation so we must treat it as a special development zone.”
According to him, this means that the federal and state governments as well as the National Assembly, NDDC and civil societies representing Niger Delta must come together on a round table and map out a strategy for rapid development.

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