Research on ‘post-oil world order’ is key, Osinbajo tells stakeholders

Vice-President Yemi Osinbajo has charged stakeholders in the oil industry to invest in research and clean energy initiatives for a “post-oil world order”.

Speaking at the 55th anniversary of the Oil Producers Trade Section (OPTS) of the Lagos Chambers of Commerce and Industry (LCCI), Osinbajo said the federal government knows the importance of diversifying from oil.

“Oil-rich countries, such as ourselves, have an obligation to prepare for a destiny that may well be beyond oil,” he said.

He said issues related to government policy within the industry would be clarified.

Osinbajo added that the government remains focused on implementing dramatic policy shifts to deepen business opportunities in the industry.

“We have begun to address these issues with an overhaul of sector policies,” he said.

“We have developed and obtained the approval of the federal executive council (FEC) for a new national oil and gas policy and a new fiscal policy has been developed and its approval by FEC is underway.

“In order to ensure the sustainability of the policies, Nigeria is in the process of legislating these critical policy positions within the next few months.”

Osinbajo also canvassed for policy shifts directed towards diversifying the gas supply options within Nigeria.

He said policies in place were geared towards extending gas penetration in domestic markets in order to facilitate the growth of electric power, agriculture and the industrial sectors.