Non-oil revenue now boosting Nigeria’s earnings says Osinbajo
The Federal Government has announced that revenue flowing into the nation’s treasury through non oil and gas exports has surpassed earnings from Crude oil
This is coming based on concerted efforts to successfully diversify Nigeria’s economy from being dependent on oil and gas revenue’s.
Vice-president Prof. Olayemi Osinbajo, made the disclosure on behalf of the Federal Government
A statement by the media office of the minister said Osinbajo was ably represented by the Minister of Science Technology and Innovation, Dr. Ogbonnaya Onu, at the Nigerian Society of Chemical Engineers (NSCHE) 51st Annual International Conference/AGM in Lagos on Thursday with the theme of
“Chemical engineering and the changing world”.
The Vice President said that the Federal Government has worked tirelessly to ensure that Nigeria achieves full economic diversification and not be caught napping as crude oil and gas are no longer the major fuel that drive global economies.
He said more technologically advanced nations of the world have switched to clean and renewable energy.
The vice president indicated that the President Muhammadu Buhari administration is preparing Nigeria to not only meet these challenges posed by the changing world but also, to help Nigeria occupy her rightful place among the comity of nations.
He said; “Many countries in different continents are now preparing themselves to depend less on fossil fuels. 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 the years to come.
“Our nation must prepare for a future where crude oil, which has for long been our major source of revenue will no longer occupy its prominent position in the economies of many nations.”
He used the occasion to further advice the Nigerian Manufacturing stakeholders to produce almost everything that is needed in the country, this will lead to less exports, a stronger Naira and a stronger economy.
Prof. Osinbajo, said that Chemical engineers, whom he described as “Process Engineers”, should be at the centre for a self-reliant Nigeria.
“As process engineers, you will add value to our numerous raw materials converting them into products.
“The nation needs you to achieve food security; produce enough water for human consumption, use in agriculture and industry; provide shelter for our people; clothe both the old and the young; solve our energy and transportation problems; provide drugs and medical equipment for our health care; and provide necessary equipment to help us secure our nation.”
The Vice President urged participants to continuously revise their academic curriculum, so as to train and prepare chemical engineers for the next decade and indeed the next century. This he added, is the best way to ensure that Nigeria fights and defeats extreme poverty.
He assured the general public and participants of the Federal Government’s unrelenting zeal to work closely and support their role towards national building.