Economy Diversification: Osinbajo Calls for Development of Renewable Energy

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The Vice President Yemi Osinbajo has called for the development of renewable energy to grow businesses in the country and reduce the country’s dependence on crude oil.

The Vice President stressed that Nigeria must use 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 told the Oil Producing Trade Section (OPTS) conference in Lagos.

Osinbajo called on oil and gas majors in Nigeria, to invest in renewable energy research and development to help Nigeria prepare for a “clean energy economy” and the “post-oil world”.

He also added that the country needed to reduce “bureaucratic bottlenecks” in contract awards and approvals.

Nigeria’s government has 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.

Source: IWIN

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