Nigeria’s vice president Osinbajo wants oil revenues used to diversify economy

Nigeria must use its oil and gas revenues to pursue its economic
diversification agenday, its vice president, Yemi Osinbajo, said on
Monday, in Abuja, the country’s capital.

He also said that it was important for the country to redouble its
effort in investing the revenues in infrastructure and human capital
development, which would ensure future economic growth and development
for the country.

Read Also: Thriving private sector, enabling environment, key to healthy economy – Osinbajo

Osinbajo, who was declaring open the extraordinary session of the
Council of Ministers of African Petroleum Producers Organisation (APPO),
said Africa needed to form a united front in global energy discussion.

He asked that the APPO fund be opened to all, to allow private sector
investments just like Organisation of the Petroleum Exporting Countries

(OPEC), in order to overcome financial challenges as Africa has no reason
or excuse to fail.

A revitalised APPO will contribute tremendously to the development of
the African Oil and Gas industry, Osinbajo said.

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Ayobami Adedinni

Ayobami Adedinni is  Businessamlive Reporter.
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