To prevent being undervalued by the developed world, governments of third-world oil producers must collaborate with seriousness to localise technologies of exploration and production.
This was said by political science professor Oyegoke Lalude at Fountain University’s second inaugural lecture in Osogbo.
It was the University’s second inaugural talk, titled “Rethinking North-South Relations: The Resource Perspective.”
It comes at a time when the country is facing a number of issues, including high prices for gasoline, kerosene, and, most notably, diesel, despite the withdrawal of subsidies on the commodity.
Professor Oyegoke Lalude said technology in exploring oil cannot continue to be North-based while the claim to control resides in the South.
According to Professor Oyegoke Lalude, the production of oil in third-world nations, particularly Nigeria, requires technical know-how.
He urged the government to support more refinery privatization and save the ones that are already in operation.
They also want the government to explore at non-oil resources as a source of revenue to help the country’s economy.