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Nigeria Needs Oil Revenue To Get Out Of Recession – Osinbajo

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[caption id="attachment_13869" align="alignnone" width="699"]Professor Yemi Osinbajo, Vice President of Nigeria [/caption]

The Federal Government has said that Nigeria will still need crude oil revenues for the country to diversify its economy and end her dependence on oil.

Vice President, Prof. Yemi Osibanjo, made this known during a book presentation authored by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, on Monday, in Abuja.

According to Osinbajo, even though global trends in the energy industry clearly indicate that Nigeria may no longer benefit from the oil industry as it did in the past, the country must quickly diversify its economy with as much as it can get now.

“As we move to diversify our economy, we are acutely aware that we need oil to get out of oil. Yet, our window of opportunity to benefit maximally from the petroleum industry is narrowing,” said Osibanjo.

“The development of shale oil, which the author spends considerable time on, the increasing breakthrough in renewable energy use, the incredible speed of the expansion of the use of electric vehicles – Japan now has more electric charging stations than gas stations, all point inexorably that the party might be over sooner than we expected,” he said.