Soon Importers’ll Not Need Nigeria’s Oil Anymore – Osinbajo

Soon Importers’ll Not Need Nigeria’s Oil Anymore - Osinbajo

Vice President Yemi Osinbajo has said that the future of oil as Nigeria’s main exporting commodity is in decline as many importers of the products around the world are seeking alternative source of energy.

 

He said this at the Second National Council on Niger Delta, NCND, meeting held in Akure, Ondo State on Tuesday, adding that Nigeria’s oil will no longer be profitable in the nearest future.

 

According to Osinbajo, the United States, which is the major importer of Nigeria’s oil will no longer demand for it because the country had since discovered alternative energy.

READ ALSO:  PRESIDENT'S BODY GUARD (Hassan Aminu) WITH LINKS TO BOKO HARAM ARRESTED

 

He said, “Many countries are getting alternatives to oil, the development which would make the resource unprofitable in a few years.

 

He explained that Japan, which also buy a lot of crude oil is now developing and making electric cars and had built more charging points instead of petrol station.

 

He also noted that Europe had set deadline to phase out hydrocarbon cars, which would eventually make Nigeria’s oil unattractive.

 

Calling on the Niger Delta states to support the Federal Government in spending more resources on how to develop other economic sectors instead of wasting money on pipeline security, Osinbajo charged the council to come with a road map for the future beyond oil economy.

READ ALSO:  NNPC Tells Nigerians To Stop Panic Buy, Debunks Plans To Hike Petrol Price

Leave a Comment