THE Minister of State for Petroleum Resources, Timipre Sylva, said on Wednesday that Nigeria must plan its economy beyond oil.
Sylva stated this at the International Conference on Hydrocarbon Science and Technology held at the Petroleum Training Institute (PTI), Effurun, Delta.
The two-day event organised by the PTI management was part of the week-long programme to mark the institution’s 2019 convocation.
The theme of the programme is: “Oil and Beyond Oil, Strategies, Policies and Technologies to Assure National Energy Security.”
Sylva, who was represented by the Technical Assistant to the Minister on Niger Delta Matter, Mr. Felix Brisibe, said as oil resources was depleting and the demand for the product was also depleting in the market particularly with the evolvement of renewable energy.
The minister said: “Considering the fact that oil is a depleting asset like they always say and considering the projection of the work in respect to renewable, we will begin to see a decline in terms of demand for oil in the market.
“We recognise the fact that we have a very large deposit of coal in Nigeria but today the demand is considerably almost next to nothing.
“So that implies that in future to come, if we do not as a country begin to plan beyond oil, we will begin to experience a situation whereby the demand for oil will continue to be on the decline as much as the reserve is also declining.