Technology renders crude oil useless – Minister

The Minister of Science and Technology, Dr Ogbonnaya Onu, has said crude oil lost its relevance in the international because of innovations in science and technology. Dr Onu, who disclosed this Thursday in Abuja at a world press conference, also said the new world order that is unfolding indicate that the end of the crude […]

The Minister of Science and Technology, Dr Ogbonnaya Onu, has said crude oil lost its relevance in the international because of innovations in science and technology.

Dr Onu, who disclosed this Thursday in Abuja at a world press conference, also said the new world order that is unfolding indicate that the end of the crude oil era may not be too far away.

 “Indeed, many countries in Europe and some other parts of the industrialized world are moving in a direction which suggests that in the near future, the demand for crude oil will reduce significantly”, he said.

He added that Nigeria must prepare adequately and quickly too, for the challenges which such the situation would create for her economy, especially when it is realized that she is dependent on crude oil as the mainstay of her economy.

He said: “It is, therefore, with this in mind that the Federal Ministry of Science and Technology has initiated bold and visionary new policies that will help move our economy in the direction of diversification such that when the demand for crude oil drops in the global market, we can absorb the shock and avoid experiencing the trauma of recession which has always adversely affected our economy.   We must start now, not later, to prepare for a post crude oil era.  This is important, not just for us, but for our children.”

According to him, the administration of President Muhammadu Buhari as vowed to use science and technology as the centerpiece for realizing the national economic recovery and growth plan 2017 – 2020.

This means that science, technology and innovation is the new driver that will help diversify the nation’s economy, create jobs, reduce poverty, conquer illiteracy and significantly improve the standard of living of Nigerians, he said.