Vice President Professor Yemi Osinbajo says Nigeria needs oil to get out of oil.

Osinbajo made the remark on Monday at the presentation of three books written by Honourable Minister of State for Petroleum Resources, Dr. Ibe Kachikwu in Abuja.

Vice President, Yemi Osinbajo

The books are, Compendium of Oil and Gas Cases in Nigeria, Legal issues in the Nigerian Petroleum Industry and the Petroleum Industry Bill: Getting to the Yes.

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Speaking at the presentation Osinbajo said Kachikwu is an expert in the oil industry with over 30 years experience.

The Vice President who spoke on the nation’s need to diversify the economy said, “we need oil to get out of oil”.

He said, “I think it might be important to say that the federal government has had to deal frontally with the critical issues bedeviling the sector: the deregulation of the downstream sector and its continuing challenges, vandalism of pipelines and export facilities and the critical drop in production, gas to power issues, the urgent imperatives of local refining, cash call problems and the plans to exit that regime and empowering indigenous operators.

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“As we move to diversify our economy we are acutely aware that we need oil to get out of oil. Yet our window of opportunity to benefit maximally from the petroleum industry is narrowing.

“The development in shale oil which the author spends considerable time on, the increasing breakthroughs in renewable energy use, the incredible speed of the expansion of the use of electric vehicles, Japan now has more electric charging stations than gas stations- all point inexorably to the fact that the party might be over sooner than we expected,” he said.

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