The Minister of States (Petroleum Resources) Chief Timipre Sylva on Monday said as oil is depleting, the demand for it has experienced massive drop.
Sylva, said “As oil is depleting oil, the demand is also depleting. America no longer buys oil from us.”
The Minister said this has also affected the revenue base of the Country.
He said alternative measures should be put in place to diversify the economy from oil.
Sylva who was represented by his Technical Adviser Mr. Felix Bob Nanebe said,”if we do not as a Country plan with respect to oil beyond oil as an economy, as a Country that we will begin to experience a situation whereby the demand will continue to decline as much as our reserves are also declining.
The Minister made the assertion at the two day International conference on hydrocarbon science&technology (ICHST)held at the PTI Conference Centre in Effurun, Uvwie Local Government Area of Delta State.
The theme of the conference is”Oil beyond Oil: Strategies, Policies&Technologies to assure National Energy Security. “
In a lecture titled,”Petroleum and the Development of Nigeria Economy-What went wrong after six decades,Prof. C.O. Orubu said investing in “alternatives” is higher.
The professor of Economics with the Delta State University said investing in “alternatives” is higher in terms of diversifying the economy.
He however suggested that the Country should should look for ways to adapt to technologies instead of diversifying to pure hydrocarbon.
Earlier in an address, the Chief Executive Officer/Principal of the Petroleum Training Institute, Effurun, Prof. Sunny. E.Iyuke welcomed delegates to the conference.
