The minister made this disclosure while addressing stakeholders of the ruling All Progressive Congress (APC), in his home town, Uburu, Ohaozara Local Government Area of Ebonyi State.
He said the country’s revenue base has been crude oil since her independence in 1960, and that the Ministry of Science and Technology was working hard to ensure that Nigeria changes from “resource-based economy to multi-faceted one”.
He said: “Even now, Nigeria exports crude oil and imports petroleum products. When your economy is based on one volatile commodity, you cannot determine the price.
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“India that has no oil has a refinery of 1.2 million barrel crude oil capacity.”
Notable stakeholders present at the meeting were the national coordinator, Buhari/Osinbajo Initiative for Demonstrating Change, Comrade Chinedu Ogah; senators Emmanuel Agboti and Chris Nwankwo, and some former commissioners in the last administration, among others.