Tumbling Oil Prices: Nigeria May Import Crude Oil In The Future, Says Onu

.Science And Tech  Minister Says Diversification Of Economy Only Option To Attain Greatness.

ONU

BY CHRIS EMECHETA, ABUJA

Nigeria will import crude oil when ongoing economic diversification of the nation doubles and redoubles the Gross Domestic Product (GDP).

Minister of Science and Technology, Dr. Ogbonnaya Onu dropped this hint when he hosted the Nigeria Society of Engineers in his office in Abuja.

Onu advised Nigerians to be ready for a period when every petroleum product in the country will be used because of increased growth in the economy and would no longer export crude oil but depend on import.

 “ There is nothing wrong importing crude oil, there are many countries that produce more crude oil than Nigeria that also import” the minister said.

He cited Indonesia, which according to him, used to export crude oil, but as their economy grew, it got to a period where they now depend on import.

He therefore stated that in the face of tumbling oil prices, the only option left for the country to attain greatness is diversification of the economy.

Onu told the engineers on the need to commercialize many of its research findings of agencies under the ministry, urging them to ensure that most of the things Nigeria import can be produced in the country.

“ We want to make it possible for a Nigerian who has a good idea to see that idea becomes either a product or service that will be available in the market place that is what this ministry is working towards” he stated

Earlier, Prof Wami called for the restructuring of the research institutes to make them effective and more result oriented.

He said the crash in oil price and shortfall in foreign exchange accruing to Nigeria, there was no alternative than to look inwards.

ADDITIONAL REPORT: THE SUN 








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