Oil And Gas? Osinbajo Reveals Where Nigeria's Major Revenue Comes More From
- The majority of Nigeria's revenue is generated from non-oil exports, according to Vice President Yemi Osinbajo
- Osinbajo on Thursday, November 11, revealed that crude oil and gas were no longer the major fuel that drives global economies
- The vice president noted that the government had worked assiduously to ensure that Nigeria achieved economic diversification
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Lagos - Nigeria's vice president, Professor Yemi Osinbajo (SAN), says revenue recently flowing into the nation’s treasury is majorly from non-oil and gas exports.
The Nation reports that Osinbajo who was represented by Dr. Ogbonnaya Onu, minister of science, technology and innovation, made this known on Thursday, November 11, in Lagos.
Source: Facebook
He pointed out that the government had worked very hard to ensure that the country achieves economic diversification.
The vice president also said crude oil and gas were no longer the major fuel that drives global economies, adding that Nigeria could not afford to be taken off guard, The Guardian added.
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Osinbajo explained that this is due to the fact that more technologically developed nations have switched to clean and renewable energy.
He insisted Nigeria must prepare for the future where crude oil would no longer occupy a prominent position in the economies of many nations.
Nigeria's population growth rate exceeds the capacity of the economy to produce sufficient jobs
Earlier, Legit.ng reported that the present state of the economy has continued to affect not only business growth, the standard of living of the people but also job creation, as the rise in the unemployment rate becomes worrisome.
Osinbajo disclosed that the country’s economy may not be able to create as many jobs as the country needs due to its high population growth rate.
He made the statement during his keynote address at the fourth annual Impact Investors Foundation Conference held in Lagos.
Osinbajo's busy day
Meanwhile, Laolu Akande, the spokesman of the vice president revealed how his boss juggled between three events and several meetings on Thursday, October 21.
Writing on his Instagram page, Akande revealed that such schedules are regular for the vice president on a typical day.
He wrote:
“Busy day for the Vice President, but also very typical and reflective of his unrelenting quest to deal with the issues and commitment to rallying people towards the attainment of 'the greatest good to the greatest number."
Source: Legit.ng
