By Ismael Taiwo
The former Minister of State for Petroleum Resources, Professor Ibe Kachikwu has called on Nigerian leaders to look inward and diversify Nigeria’s economy from over reliance on oil as the future of the hydrocarbon in the next 30 years cannot be guaranteed.
The ex-Minister made this known last week Thursday while he was delivering a lecture at a special seminar organized by the Centre for Petroleum, Energy Economics and Law, a research institute and advanced learning Centre in Energy and Petroleum resources at the University of Ibadan.
The theme of the special seminar series tagged “Nigeria Energy Policies: Energy Transition; Domestic Crude Obligation; Oil Subsidy; PIA” was held at Subomi Balogun Conference Hall, University of Ibadan Hotel.
Ibe Kachikwu said, Nigeria and other African countries cannot be left behind in the global demand for an end to burning of fossil fuels, hence, there is need for frantic effort to explore other mineral resources.
“There has been a global outcry to phase out fossil fuels and this has been a major concern for oil producing countries.
“At the ongoing COP28 in Dubai, the ongoing debate has been centered on eradication of burning of fossil fuels as some developed countries most especially in the Western world have been agitating for a green energy and if Nigeria and other African countries fail to realize the need to look inward and diversify the economy from over reliance on oil, we may have to face dire consequences of our inability to make hay while the sun shines.
“Nigeria and other African countries are blessed with large deposit of uranium and other solid minerals which could be used to develop our economy but we have not been tapping from these enormous resources”.
He also used the occasion to highlight some of his achievements while he was in office as the Minister of the Federal Republic of Nigeria which included the drafting of a famous Petroleum Industry Bill PIA, dialogue with global players in the oil industry to ensure a sustainable oil pricing, and other reformations in the oil and gas sector of Nigeria’s economy.
He called on government to fund Centre for Petroleum, Energy Economics and Law of the University of Ibadan as the institute is made up of several experts who can come up with a robust research and model that can help Nigeria to achieve a sustainable energy development.
Among those who graced the occasion were the former Director of the Centre for Petroleum, Energy Economics and Law who is now the President of Nigerian Economic Society, Professor Adeola Adenikinju, the Principal Investigator of the Centre, Prof. Akin Iwayemi, ex-Director of the Centre, Prof. O. E. Olubusoye, the incumbent Director of the Centre, Prof. A.O. Falode, Prof. P.C. Obutte, former National Treasurer of ASUU, Prof. Abiodun Aremu, other staff members of the Centre, as well as the 2023 postgraduate students of the Centre among several others.