The Acting President, Yemi Osinbajo, has asserted that soon dependence on crude oil will become irrelevant.
Osinbajo said this while speaking at the opening ceremony of the extra-ordinary session of the Council of Ministers of African Petroleum Producers’ Organisation, APPO, in Abuja.
Noting that the volatility in the global crude oil market has triggered much soul-searching, the Acting President said countries across continents are compelled to ask themselves difficult but necessary questions about the present and the future.
He said: “Over the last three years or so, oil producing countries across the world have experienced the full impact of the drop in oil prices, with significant negative impact on government revenues and budgets and of the value of national currencies.
“Besides, the reality of the future, where demands for and revenues from oil drop sharply, is already upon us; and almost every major oil importing country today has embarked on an aggressive non-fossil fuel alternative programme.
‘’China, Japan and some Scandinavian states have already set dates within the next 10 to 15 years, to produce and use only electric vehicles.”
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