Osinbajo Urges Oil Majors To Invest In Renewable Energy

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BY CHIKA IZUORA, Lagos

Vice President Yemi Osinbajo has stressed the need for Nigeria to use its oil wealth to prepare for a durable future when the world no longer runs on fossil fuels.

He spoke at the 55th anniversary of the Oil Producers Trade Section of the Lagos Chamber of Commerce and Industry (LCCI) in Lagos.

Osinbajo said Nigeria must develop renewable energy and help other businesses flourish to adjust to the reality of the dwindling significance of fossil fuels.

Oil-rich countries like Nigeria, he stated, have an obligation to prepare for a destiny that may well be beyond oil, adding that the federal government had for the umpteenth time talked of diversifying Africa’s largest economy away from reliance on oil, but earnings from output of crude still provide two-thirds of state revenue.

The VP advised multinational oil companies in the country to invest in renewable energy research and development to help Nigeria prepare for a “clean energy economy” and the “post-oil world.”