osinbajo

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Vice-President Yemi Osinbajo says majority of the revenue flowing into the nation’s treasury is generated from non-oil exports.

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Osinbajo said this on Thursday at the 51st annual international conference of the Nigerian Society of Chemical Engineers (NSChE) in Lagos.

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Represented by Ogbonnaya Onu, minister of science, technology and innovation, Osinbajo said that the federal government had worked assiduously to ensure that the country achieved economic diversification.

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He said that the nation could not afford to be taken off guard as crude oil and gas were no longer the major fuel that drives global economies.

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According to him, this is due to the fact that more technologically developed nations of the world have switched to clean and renewable energy.

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“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.

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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.”

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He emphasised that Nigeria must prepare for the future where crude oil, which had been its major source of revenue, would no longer occupy a prominent position in the economies of many nations.

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The VP charged Nigerian manufacturers and stakeholders at the conference to produce almost everything needed in the country which would translate to less imports, a stronger currency and economy.

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In his goodwill message, Dapo Abiodun, Ogun state governor, lauded the theme of the conference for being “apt and pertinent.”

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