Vice President Yemi Osinbajo says most of the revenue flowing into the nation’s treasury is generated by non-oil exports.
Osinbajo said this on Thursday at the 51st annual international conference of the Nigerian Society of Chemical Engineers (NSChE) in Lagos.
Represented by Ogbonnaya UN, minister of science, technology and innovation, Osinbajo said the federal government has worked diligently to ensure that the country achieves economic diversification.
He said the nation could not afford to be taken aback as crude oil and gas were no longer the primary fuel driving global economies.
According to him, this is due to the fact that the most technologically developed nations of the world have switched to clean and renewable energy.
“Many countries on different continents are preparing to be less dependent on fossil fuels,” said Osinbajo, quoted by the NAN.
“Electric cars are found on the roads and roads of many of the world’s technologically developed countries.
This sent a clear signal and a strong message that fossil fuels will not be as important as they are in the years to come ”.
He stressed that Nigeria must prepare for a future where crude oil, which had been its main source of revenue, would no longer hold a prominent position in the economies of many nations.
The vice president instructed Nigerian manufacturers and stakeholders at the conference to produce nearly everything needed in the country, which would result in fewer imports, a stronger currency and economy.
In his message of goodwill, Dapo Abiodun, governor of Ogun state, praised the conference theme for being “appropriate and relevant”.