Vice President Yemi Osinbajo says Nigeria must utilise its oil wealth so it can sustain itself when the world no longer depends on oil.
He made this statement on Thursday in Lagos at the 55th anniversary of the Oil Producers Trade Section of the Lagos Chamber of Commerce and Industry (LCCI).
Osinbajo said Nigeria needed to develop other sources of renewable energy as well as set up systems to help businesses flourish in the face of dwindling oil usage across the globe.
“It is no longer a question of if but when,” Osinbajo said, referring to global plans 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.”
Nigeria’s number two citizen lamented that despite government’s attempt at diversifying the economy, data shows a large portion of its earnings come from it.