Vice President Yemi Osinbajo, has raised concerns that the development of alternatives to crude oil in Europe and Asia would pose serious challenge for Nigeria and other African countries.
Speaking at the just concluded Nigeria International Petroleum Summit in Abuja, Osinbajo said this discovery of alternatives calls for increased synergies, collaboration and knowledge sharing among oil-producing countries in Africa.
He said, "The challenge for Africa is certainly enormous. Many of the traditional markets for oil in Europe and Asia are, of course, developing alternatives. This at the same time coincides with some African countries just making finds.
The volatility of the oil market is another serious challenge. These are not challenges that can be addressed successfully solely by countries taking independent decisions. Collaborations, synergies and knowledge sharing are critical."
He said African countries needed to work hard to make the best use of its God-given resources before it is too late.
"Together we can surmount our hurdles faster, not if we try to do so individually. I should like to assure our oil and gas operators of the Federal Government of Nigeria's commitment to creating the enabling environment for the industry to achieve its destiny in Africa," he noted.
Continuing, Osinbajo said, "The increasing number of African countries joining the league of oil producing states calls for greater cooperation amongst the old and the new in the industry.
With the largest proven gas reserves in Africa and the seventh largest in the world, with over 38 billion barrels of oil reserves and a daily production in excess of two million barrels, and the continent's largest concentration of skilled manpower for the oil and gas industry built over 30 years, naturally Nigeria's experiences can be useful to other African countries."