Yemi Osinbajo recently said Nigeria must utitlize its oil wealth to prepare for a future when the world no longer runs on 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.
He said the government had long talked of diversifying Africa’s largest economy away from reliance on oil, but earnings from output of crude still provide two-thirds of state revenue.
The vice president requested of 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 the post-oil world”.
“In the past few months, it has announced a 5.8 billion dollar deal to build the 3,050 megawatt (MW) Mambilla hydroelectric plant and purchase agreements with 14 solar companies for 1,300 MW of power as part this drive,” he said.
“This week, the World Bank said Nigeria was among the 10 economies showing the most notable improvement in its Ease of Doing Business list,” he said.
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