Acting President Yemi Osinbajo on Monday declared that the days in which no single revenue would be generated from crude oil were fast approaching.
Osinbajo, who spoke at the Extraordinary Session of the Council of Ministers of the African Petroleum Producers Organisation in Abuja, noted that technology was fast depleting the usefulness of crude oil.
He said, “This session holds at a very significant time for our continent and countries. A time when we as a continent and indeed the rest of the world are witnessing volatility in the petroleum market, and by implication, our local economies.
“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 on the value of national currencies.
“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. The zero oil days are clearly around the corner.”
Osinbajo noted that although the prosperity of Africa lies in its human resources and talents, and not in anything extracted from the earth, it was still important to upgrade to the trending technologies across the globe.
“As the world begins to move in the direction of alternative and clean energy, the reform of the APPO should factor in these new realities and aim to reposition the organisation as a clear leader in this regard,” he added.
The Minister of State for Petroleum Resources, Ibe Kachikwu, had earlier in his address buttressed the acting President’s points, as he noted that crude oil was at the verge of fading away as a result of improvements in technology
Kachikwu said, “Technology is moving at a fast pace. The oil world is fast disappearing. With current trends in technology and environmental concerns, it is clear that over the next 20 to 30 years, oil will become a fading if not a faded product.
“Which means that most countries that harbour oil have only about 30 years’ span to harness, explore, find and enjoy the full benefits of oil. Because after that, most consumers of oil would have moved on to a cleaner source of energy.”
He told ministers and delegates from other countries that it had become absolutely imperative for member countries of the APPO to start looking at the African crude oil market and to fashion out ways of protecting and expanding it.