Osinbajo urges stakeholders to exploit oil as much as possible while its value lasts


Vice President Yemi Osinbajo, on Tuesday, asked the people and investors in the Niger Delta region to make effective use of the proceeds from oil, saying the product may soon become unprofitable, Premium Times reports.

Mr. Osinbajo spoke at the 2nd National Council Meeting on the Niger Delta, in Akure. Although he noted that Nigeria currently relied on oil for its foreign exchange earnings, the vice president said as nations of the world crave for cleaner alternative sources of energy, it (Nigeria) and indeed the Niger Delta region stood at a disadvantage, unless drastic steps were taken to stem the over-dependence on the product.

According to Mr. Osinbajo, the United States of America, which was the largest importer of Nigeria’s oil, had cut down on the amount of crude it imports as it currently seeks alternative energy sources. He added that while Asia was earnestly looking for alternative sources of energy, China and Japan had more electric charging points than fuel stations.

“Many of the countries in Europe have set deadlines for phasing out cars using hydrocarbon,” he said. He added that the development meant that Nigeria’s crude oil would not be needed in the global market soon. He said the global threats to Nigeria’s main stay were real, adding that, “the future of oil is in decline.” The vice president requested the people of the Niger Delta to be prepared to allow for quick development of the region before it becomes too late.