Osinbajo who spoke in Abuja on Monday as the special guest of honour at the public presentation of three books written by Minister of State Petroleum Resources, Dr Ibe Kachikwu said however that development in the renewable energy sector means Nigeria’s opportunity in the petroleum industry in narrowing.
Despite the low price of oil in the international market, Nigeria’s Vice President, Professor Yemi Osinbajo has explained that the government still needs oil revenue to diversify the economy away from oil.
He stressed that the dwindling opportunity in the petroleum markets adds greater urgency for the country to diversify its economy.
According to him, “As we move to diversify our economy, we are particularly aware that we need oil to get out of oil, yet our window of opportunity to benefit maximally from the petroleum industry is narrowing.
“The development of shale oil, which the author (Kachikwu) spent considerable time on, the increasing break-throughs in renewable energy use, the speed of expansion in the use of electric vehicles, Japan now has more electric charging stations than gas stations, all point to the fact that the party might be over sooner than we expected.”
The Vice President, who praised Kachikwu on the three books, described them as one of the most complete thoughts on the petroleum sector.
The three books authored by the petroleum minister and unveiled at the event were Compendium of Oil and Gas Cases in Nigeria, Legal Issues in the Nigerian Petroleum Industry, and The Petroleum Industry Bill: Getting to the Yes.