The Nigerian government has advised oil-dependent African economies to wean themselves of reliance on hydrocarbon as a single means of economic growth just like it is currently doing as a means of diversifying its economy.
Vice President Yemi Osinbajo disclosed this at a meeting of the African Petroleum Producers Organization, in Abuja where he reiterated Nigeria’s support to the group after the emergence of Minister of State for Petroleum, Ibe Kachikwu as APPO President.
State House Correspondent, Mariah Olasehinde reports that Nigeria played host to the extraordinary session of the council of ministers of African Petroleum Producers Organization, APPO.
The key focus of the Nigerian delegation led by Vice President Yemi Osinbajo is on how African economies can use proceeds of oil sales to diversify and pursue economic growth like it and many advanced countries that are already making plans for a world beyond oil.
Minister of State for Petroleum Ibe Kachikwu explains the reason why a lot of oil investors find it difficult to invest in oil exploration in Africa.
Chadian oil minister and outgoing President of the oil producing group, Michel Boukar later handed over to Ibe Kachikwu of Nigeria as the new APPO President.