Nigeria now earns more money from non-oil exports, says Osinbajo

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

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

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.

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.

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

“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 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.

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.

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