Vice President Yemi Osinbajo on Tuesday asked the people and investors in the Niger Delta region to make effective use of the proceeds from oil, saying the product may soon become unprofitable.
Osinbajo spoke at the 2nd National Council Meeting on the Niger Delta, in Akure.
Although he noted that Nigeria currently relied on oil for its foreign exchange earnings, the vice president said as nations of the world crave for cleaner alternative sources of energy, it (Nigeria) and indeed the Niger Delta region stood at a disadvantage, unless drastic steps were taken to stem the over-dependence on the product.
According to Osinbajo, the United States of America, which was the largest importer of Nigeria’s oil, had cut down on the amount of crude it imports as it currently seeks alternative energy source.
He said that while Asia was earnestly looking for alternative sources of energy, China and Japan had more electric charging points than fuel…