Acting President Yemi Osinbajo on Monday said the days when the country will not generate any revenue from crude oil was fast approaching.
Osinbajo spoke at the Extra-ordinary Session of the Council of Ministers of the African Petroleum Producers Organisation in Abuja.
He noted that technology was fast depleting the usefulness of crude oil.
He said, “This session holds at a very significant time for our continent and countries. A time when we as a continent and indeed the rest of the world are witnessing volatility in the petroleum market, and by implication, our local economies.
“Over the last three years or so, oil producing countries across the world have experienced the full impact of the drop in oil prices with significant negative impact on government revenues and budgets and on the value of national currencies.
“Almost every major oil importing country today has embarked on an aggressive non-fossil fuel alternative programme. China, Japan and some Scandinavian states have already set dates within the next 10 to 15 years to produce and use only electric vehicles. The zero oil days are clearly around the corner.”
He added that it was important to upgrade to the trending technologies across the globe.
“As the world begins to move in the direction of alternative and clean energy, the reform of the APPO should factor in these new realities and aim to reposition the organisation as a clear leader in this regard,” he added.