Nigeria’s Vice-President, Yemi Osinbajo has stated that the majority of the revenue flowing into the country’s treasury is generated from non-oil exports.
Osinbajo made the disclosure on Thursday at the 51st annual international conference of the Nigerian Society of Chemical Engineers (NSChE) in Lagos.
The Vice President who was represented by the minister of science, technology and innovation, Ogbonnaya Onu, stated on Osinbajo’s behalf that the federal government had worked assiduously to ensure that the country achieved economic diversification.
He noted that Nigeria could not afford to be taken by surprise as global economies no longer depend primarily on crude oil and gas.
He stated that this was due to advancements in technology by developed nations of the world, leading them to switch to clean and renewable energy.
“Many countries in different continents are now preparing themselves to depend less on fossil fuels,” NAN quoted Osinbajo as saying.
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“Electric cars are found on roads and streets of many of the technologically developed countries of the world.
“This has sent a clear signal and a strong message that fossil fuels will not be as important as they are in years to come.”
He stressed that Nigeria must be ready for the future in which crude oil, which had been the main source of income, would no longer occupy a prominent position in the economies of many nations.
Osinbajo called on Nigerian manufacturers and stakeholders at the conference to manufacture almost everything needed in the country which would result in reduction in imports and a stronger currency and economy.
The Governor of Ogun State, Dapo Abiodun in his goodwill remark lauded the theme of the conference for being “apt and pertinent.”
