Acting President Yemi Osinbajo has declared that the days in which no single revenue would be generated from crude oil were fast approaching as technology was fast depleting the usefulness of crude oil, The Punch reports.
He said this while speaking at the Extra-ordinary Session of the Council of Ministers of the African Petroleum Producers Organisation in Abuja on Monday. Osinbajo also noted that although the prosperity of Africa lies in its human resources and talents, and not in anything extracted from the earth, it was still important to upgrade to the trending technologies across the globe in the direction of alternative and clean energy.
The Minister of State for Petroleum Resources, Ibe Kachikwu, had earlier in his address buttressed the acting President’s points, as he noted that crude oil was at the verge of fading away as a result of improvements in technology. He said, “The oil world is fast disappearing. With current trends in technology and environmental concerns, it is clear that over the next 20 to 30 years, oil will become a fading if not a faded product.”