Nigeria must be prepared for future where oil has little value, Osinbajo warns

Vice President Yemi Osinbajo has warned Nigerians of the challenges the country would face in the future if it continues to depend on oil for income.

Mr. Osinbajo, while speaking in Gbaramatu kingdom during a visit to Delta State on Monday, said that countries who buy oil from Nigeria are now devising alternative means of power such as solar and wind energy.

Therefore, “We must be smart and act intelligently and fast,” he said.

Mr. Osinbajo’s visit on Monday is part of his peace tour across oil producing communities in the Niger Delta.

The visits are part of the ongoing efforts of the Buhari administration to achieve a permanent resolution of the Niger Delta crisis which in 2016 reduced Nigeria’s oil output y half.

The vice president, who spoke to an enlarged crowd after a closed-door meeting with the Gbaramatu leaders at the palace of the Pere of Gbaramatu kingdom, Oboro Gbaraun II, said fire incidents that arose from pipeline vandalisation have killed thousands of people.

“In 2013 alone, there are over 3700 incidents of pipeline vandalisation. From January to June 2016, there were over 1447 incidents of vandalisation.

“The Niger Delta of today is one where aside environmental degradation, between 1998 and 2015, over 20,000 persons have died from fire incidents arising from breaching of the pipelines.

“To prepare for a great future for the Gbaramatu kingdom, three things must happen: we must recognise the unique environmental challenges the Niger Delta is facing, we must also recognise that the Niger Delta is a special economic zone for this nation so we must treat it as a special development zone.

“This means the federal government, state government, National Assembly, NDDC, civil societies representing Niger Delta must sit together and develop a plan for rapid development.

“There is no excuse for not planning together. The federal government cannot solve the problem of Niger Delta. It is impossible for the FG to do it alone. The state should devote substantial portion of its budget to this special project,” Mr. Osinbajo said.

He added that the PAN Niger Delta Forum, PANDEF, has submitted a concise list of 16 dialogue issues that will be extremely helpful in ascertaining the key development priorities.

“It is an important working document that represents an excellent road map to the future of Niger Delta,” the law professor said.

Mr. Osinbajo noted that the critical issue the federal government is concerned with is infrastructure.

“In the 2017 budget, we have provided for the commencement of the Lagos – Calabar rail way which will go through Delta. We are working with the Chinese on this project.

“When I leave here we will visit the site of the Maritime University. The president has directed the ministry of petroleum to work quick to see to the realisation of all of the objectives of implementing this crucial educational institution.

“Establishing this university has passed the second reading in the National Assembly and I know we have the commitment of the members of the national assembly to fast track this bill so that the maritime school will be completed as soon as possible,” he added.

The Maritime University is expected to commence fully in September.

Mr. Osinbajo said the university and other government projects cannot work without adequate revenue which is being hampered by pipeline vandalisation and militancy in the region.

“If there is no revenue, we are deceiving ourselves. There must be revenue and it can only come when there is peace. There should be commitment to peace.”

The Vice President also spoke on the necessary cleanup of contaminated oil producing communities in the Niger Delta.

“The Ogoni cleanup has been flagged off. For the cleanup not be a waste of money, we must enforce strict environmental standard for the oil producing companies. And all our communities must prevent vandalisation which is also a major source of environmental degradation.”

In elaborating his warning for Nigeria to prepare for a future where oil could be irrelevant, Mr. Osinbajo said Nigerians must “recognise that the future is full of challenges for the oil industry.”

“In another 20 to 30 years, our oil won’t be as precious as it is today and that is reality,” he said.

“America has stopped buying oil from us. All the countries of Asia that buy oil from us are building alternative means of power, China and Japan are developing electric cars. In fact, Japan has more charging stations than petrol stations. Solar power is getting cheaper.

“We must be smart we must act intelligently and fast,” Mr. Osinbajo said.


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  • PolyGon2013

    Sai Osinbajo.

    • Bayo

      The man is too much.

    • Peter_Edo

      Like i always said, he is the next president after PMB

  • share Idea

    Another round of lies being told to the marines. Nigeria we hail thee

  • Kamalu

    The message is concise and straight forward. 1) The development of the Niger Delta must be holistic and all embracing; 2) The developmental challenges in the region has been compounded by people of the Delta themselves by the wanton destruction of pipelines and the pollution of the environment 3) State and Local authorities in the Delta cannot continue to wait on the FG while it’s officials pocket the huge revenues it receives as royalties from the exploitation of oil 4) Oil assets will significantly lose their values in the coming years because countries are developing alternative sources of energy that replaces oil 5) Nigerians must diversify for the future and those who continue to parambulate because of oil minerals in their backyard will discover it will become wrought iron instead of the gold they anticipate it to remain. A word they say is enough for the wise and the VP has spoken very well.

    • Richard Wilson

      my friend, are you and the VP inhabiting in the moon.i just dont like your comment. you talk like a slave.

      • Kay Soyemi (Esq.)

        But not like a buffoon, as you just did.

    • Uche

      “The developmental challenges in the region has been compounded by people of the Delta themselves by the wanton destruction of pipelines and the pollution of the environment

      That is an outright lie. The wanton destruction of pipelines is not the primary cause of the ecological devastation and environmental destruction of the Niger Delta. Rather it is the 50 decades of exploration with its attendant spillages and pollution which has produced all the developmental challenges. The Avengers is a new phenomenon. Remember Saro-Wiwa and his campaign against the environment degradation of the Ogoniland. This was almost 25 years ago before the emergence of Avengers or MOSOP. Nigeria still flares bulk of its gas – far before the emergence of pipeline bombers

      “State and Local authorities in the Delta cannot continue to wait on the FG while it’s officials pocket the huge revenues it receives as royalties from the exploitation of oil”

      Why won’t they wait on FG? Are they not the owners of the resources? Why should other people and region benefit more from the resources in their area?Please remove the log in your eyes before trying to remove the speck in another person’s eyes. All government officials in the Delta area are thieves and corrupt just like the rest of Nigeria. No matter the huge revenues officials from Niger Delta fraudulently pocketed, it is pittance to the billions of dollars which non-Delta officials/regions have pocketed – particularly the north that have used fraudulent population, state and local government multiplication to corner the bulk of the oil wealth generated from the Niger Delta. All the wealth embezzled by the NIger Delta government officials are pennies when compared to the billions of dollar looted by Abacha alone – not including all the ex- northern military and civilian officials who have been in government in the last 40 years.

      “Oil assets will significantly lose their values in the coming years because countries are developing alternative sources of energy that replaces oil”

      You are partially right. But it has already lost its fundamental value. It may even rise significantly in the coming years. what we are seeing today is the gasping breath of a global resource on death throe. Unfortunately Nigeria would not be among the countries developing alternative sources of energy that will replaces oil and leverage the immense opportunity inherent in a non-fossil energy world.

      “Nigerians must diversify for the future and those who continue to perambulate because of oil minerals in their backyard will discover it will become wrought iron instead of the gold they anticipate it to remain. A word they say is enough for the wise and the VP has spoken very well”

      The VP is all talk. Nigeria has been diversifying its economy since l was a teenage with no success because of the patent insincerity and hypocrisy of the political actors like VP. You don’t build a well when you are thirsty. You build a well before you have a need for water. Nigeria cannot diversify its economy with the fraudulent political structure which centralises power and emasculate the component region thereby rewarding indolence and mediocrity at the expense of industry and resourcefulness

      “A word they say is enough for the wise and the VP has spoken very well”

      That advice should go to the VP and his “Oga at the top” Buhari who have refused to read the hand writing on the wall and boldly address the existential crisis threatening Nigeria as a multi-ethnic entity. It is rudderless and visionlessness that a government that is shouting diversification is spending billions of scarce dollars to search for oil in the north when it is obvious that the region has little or no potential for profitable commercial oil. And even if it does, applying VP’s logic of argument, it would be no economic sense because countries are developing alternative sources of energy that replaces oil. NNPC recently declared bigger loss (See Renewed Oil Search Pushes NNPC’s Deficits to N19bn- ThisDay, January 15, 2017)

      In reading your comment, what was missing is your glaring failure to comment on VP’s deliberate silence on the fundamental issue that Nigeria must address in order to survive as a fractured multi-ethnic nation first and second, as a oil-rich nation in a non-oil world. Nigeria’s faces and existential crisis because of the 50 years centralisation of power caused by the military intervention into Nigerian polity. This tragedy of intervention has spawned all kinds of destructive results: “do or die’ national value system, greedy and rapacious political elites, corrupt civil service system, anything goes citizenry and

      Osibanjo’s fest talk is meaningless and waste of precious time. Regional empowerment and competition through true federalism and resource control is the only foundation upon which solutions to fundamental problem confronting Nigeria can be built. It is a magic bullet that will instantly solve Nigeria’s problems. Rather,it gives us a political superstructure that will unleash myriad of solutions to problems.

      Nigeria’s most precious asset is the 170 million population and the millions of Diaspora Nigerians whose creativity and ingenuity has been suffocated by this fraudulent contraption called Zoo according to Kanu. In a 21st century knowledge world where your citizens – not oil or natural resources – are the most critical resource; the technological ideas and innovative services and solutions to diversify and grow Nigeria’s economy are resident but dormant in the mind of its population. Osibanjo and co. were for true federalism and resource control when they were in opposition but now having corned political power, his tune has changed: it is now about diversification, diversification, diversification!

      Goodluck to a wild goose chase!

  • emmanuel

    Just imagine the rubbish and pedestrian advice given by a man who calls himself a Vice President. What has his govt done since 2 years they came in. A government that CANNOT even identify suicide bombers and Islamists like the Fulani Herdsmen by their NAMES, ADDRESS, FAMILY HISTORY, STATE OF ORIGIN etc is now coming to speak useless grammar because the Niger Deltans did not throw stones at him. What does Osinbanjo understand by the term development or planning?

    Over a year ago, 12 Armoured vehicles were ‘gifted’ to Nigeria by crooked US government. What has Nigerian govt done with them? Rather than dismantle these Machines and learn how to manufacture the clueless Buhari & Osinbanjo are busy beggin US to sell more.

    Is Osinbanjo aware of the US military hardware gifted to Nigeria? Couldn’t Nigeria learn to manufacture and begin to mass produce weapons and sell to countries that like wars? Terrorists are also available and they will easily buy from Nigeria………………. By the way, what are the Professors of Engineering in Nigeria doing? ………………………………………………………I will not ask what Nigerian Army engineers are doing because Osinbajo has approved that the Nigerian Army go to Brazil to learn about Cattle grazing and Ranch construction. Mumus!

    • Rommel

      What did president Jonathan do in the 6yrs he ruled Nigeria?

      • Uwakwe

        What is Jonathan’s business here? The comment is about dumbies – crooked & clueless & daft Buhari and Osinbajo. $1 = N529

        • Noble

          Everything is Jonathan business. If the son of the soil does not know the tradition of the land, then a stranger should be forgiven when he goes agaimst the law of the land.

        • Rommel

          It should hit N1000 and continue to rise until you realize that it is human beings that manufacture those things you go to import,Nigeria’s problem has more to do with so many people like you are not useful to the country,you only consume what has been imported,all your thoughts and soul is in government selling crude oil and given you money to finance importation,ain’t you ashamed? does Nigeria use dollar,why should other people’s currency be your concern?

    • Al

      You people are just calamity to this country, by the time things will tight for you guyz it will be too late

    • Uwakwe

      You are very correct my brother. Thumbs up!

    • Admonisher

      Very amateurish rant.
      Fulani herdsmen are being tackled. The FG will find grazing areas for the peaceful ones, the remainder killers and persecuters of xtians will be wasted.
      It is cheap and cowardly to ask what Buhari has done in two years about problems PDP did nothing about in 16 years. Look at the Niger Delta, is it not a disgrace to Jonathan, Alamieyesegha, Ibori and others?

      What is this about armoured vehicles donated ?????
      Please check this year’s budget. Buhari is the only President putting money into expansion of DICON to include an APC plant. A company called ProForce is going to build a Nigerian MRAP this year. Nigerian Army will probably buy 100 of them every year for the next five years. Nigeria is making moves to build a simple local aircraft for training, internal security and transport starting this year.
      You don’t read and you are criticising.
      Buhari is doing with just one fifth of the money available to Jonathan ten times what Kind did ….And you know what?
      It will be clear , visible and tangible even in the Niger Delta

      We southerners are always afraid.
      We are afraid to blame ourselves.
      PDP and Goodluck JONATHAN were failures. If you are frustrated, control your tribalism first then admit the truth that we had failed Governments for 18 years

      • True Cross Riverian

        Thumbs up Brother

      • Ohnigeria Godsavenigeria

        You are a liar in the nature and similitude of the bewitched Judas Iscariot race, a generation that can lie about everything, a generation that can betray even their own souls when ever they are turbo charged for their landmark Judas Iscariot kiss .
        Look at the rubbish and falsehood you are spewing and peddling about to defend the calamitous ineptitude that the Judas Iscariot race brought upon Nigeria in exercise of their Judas Iscariot kiss.
        Shame on you for not joining your bewitched race in their secrete and shameful regret going on in Yoruba land today for betraying themselves and their country because of envy and jealousy of ibos whom Jonathan recruited in his government.
        There is a chapter of deep and silent pain, sorrow, agony and regret going on in the hearts, homes, families and circles of yorubats today, regretting their treacherous acts that brought this calamity upon Nigeria, similar to what led Judas Iscariot to the stakes after betraying his Lord and master.
        It is on record that in 1999 ,pdp received a badly fractured ,traumatized, degraded, poor and down casted ,pariah nation from Abdusalam abubakar with a combined reserve of $5b and a national debt profile of $65b and a crude oil price of $11 per barrel.
        Within 5years turned every misfortune around for good, repaid our national debt and placed Nigeria on a solid path to progress and development.
        In 2008,the global oil market crashed worst than happened in 2015 ,but pdp government assembled Nigerians of highly intelligent and resourceful pedigree not minding their tribes, religion and party to navigate nigeria safely without much problem. Jonathan came and with an average crude price of about $86 per barrel, built Nigeria to an enviable height of being the best investment destination in Africa and the biggest economy in Africa, the fastest growing economy of Africa and the 3rd in the world.
        Nigeria was turned into a massive construction site with the highest infrastructural development ever witnessed in Nigeria history, our stock market cap, rose from a 4tr market size to 15tr ,Nigerians enjoyed absolute surpluses in every ramifications and more Nigerians built houses, bought cars, sent their children to the best schools all over the world, enjoyed food security, employment was highest and businesses blossomed greatly, the likes of dangote,ibeto,innoson,coscharis,
        Bua,Erisco,etc etc emerged and built great businesses and more and more Nigerians enjoyed employment. Our economy was stable and Nigerians enjoyed life to the fullest until the Judas Iscariot race brought betrayal upon Nigeria and imposed a debilitating evil upon our nation.
        They deceived Nigerians into throwing away their good lives and with treacherous evil brooms,nigeria gathered pain, sorrow, suffering, hunger, death by electing a sleep walking expired, demented, weak, archaic, illiterate people to be there kings. Within 6months of their calamitous ineptitude, calamity of unimaginable proportions befell our nation. They promised employment of 5m citizens every year but within their first 20months,more than 10million citizens have lost their jobs, they promised 1 naira to one dollar, but within 20months,it is 500 naira to a dollar, they promised 45 naira for a litre of pms, but they gave us 145per litre, they promised security for citizens, but stand unconcerned while kidnappers, armed robbers,fulani murderers are dehumanizing, brutalizing, defiling and murdering Nigerians with careless abandoned. They promised constant power supply, but gave Nigeria an unprecedented record of 22 times zero megawatts within 18months and total darkness. They promised us integrity in government but gave us budget padding, government of lies, propaganda and falsehood peddling.
        They promised us stable and prosperous economy, but gave us recession, depression and hunger.They promised that they are for all Nigerians, but they turned out sectional, clannish, cunning crafty bigots.
        This is the worst chapter in the history of Nigerian nation ,
        They promised us change and after taking power, they scamed Nigerians and passed the burden of changing our nation to the traumatized citizens struggling under the yoke of their clueless calamitous ineptitude government.
        May curse and unending God’s judgement be the portion of those who conspired to bring this pain, sorrow, suffering and death on Nigerians under the scam of change.

  • CeeCee1818

    He’s right about diversifying sources of income for the country. How about agriculture and mining resources? One day oil wells will run dry, then what?

  • Uwakwe

    Mr Osinbajo must be on some cheap something. I mean something really very cheap is working his brain. Whose Oil is he referring to as “Our”? I hope it is not my Oil in Warri or Bayelssa or Imo? Yemi must mind his language. If nomadic Fulani Herdsmen can take possession of and kill for their cattle (which is their resource), why should entire Bight of Biafra which inextricably includes the Niger Delta not take possession of their own resources all alone. If Fulani Cattle cannot be referred to as ‘Our Cattle’ then it is criminal to refer to the Oil in the Bight of Biafra as ‘Our oil’. Be warned!

  • Ohnigeria Godsavenigeria

    No body should be surprised about osibandes comedy talk, osibande is a yoru, a people that have mastered the act of deception, cunning craftiness, lying, propaganda and falsehood peddling.
    A people whose ability to betray, backstab and deliver Judas Iscariot kiss is legendary.
    Chameleons extraordinary, hypocrites and bigots.
    Some body should tell this replica of Judas Iscariot that the federal government have used the oil to build Lagos, developed it’s ports and frustrated port activities in the Niger delta to make sure that only Lagos should be the gateway and business hub of Nigeria.
    The same government have used the same oil wealth to turn a desert hill and mountains to one of the best capitals in Africa and ensured that every Nigerian converge there for official business with government of Nigeria.
    Now nigerdelta and south east oil wealth have built Lagos for the west and Abuja for the north, what have it built for the old eastern block of Nigeria from where the wealth is harvested.
    How many northern states contributed resources for the building of Abuja, how many Yoruba governors contributed their state resources to build Lagos.
    Why is it difficult for me osibandes government to take one state of the SS and SE and develop it in the similitude of Lagos and Abuja and make it a third hub in Nigeria. Why is it that Yoruba are always the ones that are sent to go and betray, deceive and lie to the SS people. Shame on this Judas Iscariot race.

  • Otile

    Yeah, oil is becoming useless yet they are dumping $billions in the North East prospecting for oil, digging the soil and closing while they know that oil is useless. Hypocrite

    • Ohnigeria Godsavenigeria

      Don’t mind these hypocrites managing the worst integrity deficient government Nigeria ever seen.

  • design

    yes, mark my words. It will be worthless in less than 30 years!

  • Jon

    How come we do not hear: Our cocoa in SW and our ground nut, our cattle, our goat, our millet in North?

  • Izon Redeemer

    The Apes in APC harass Jonathan and his wife daily then turn around to claim the people of the South south are their friends abi—–? The Fulanis via efcc and Dss chase Deizani and Etete both past ijaw oil ministers–from pillar to post for no reason—–not to talk of david west another former ijaw oil minister-sent to prison by the Fulanis-Then have the tripod sneak into the creeks of the niger delta to lie to the people that they love them–that is after the murder of Alams————-any ijaw man who thinks the fulanis or yorubas and Ibo in Apc loves them then they need to have their heads examined————-it is better the ijaws fight for their freedom than remain slaves under their oil wells—in the SS—For freedom is our goal——Now the Yorubas are in charge of their oil wells in Lagos–but the people of the SS cannot take control of their crude oil wells in Nigeria

  • Sarah Ebun

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