BEVERLY HILLS, July 24, (THEWILL) – The Acting President, Prof. Yemi Osinbajo, has advised Ministers of the African Petroleum Producers Organisation (APPO) to ensure reforms that will bring about growth and development of the region.
Osinbajo gave the advice in Abuja,on Monday, at the opening ceremony of the Extraordinary Session of the Council of Ministers of the African Petroleum Producers Organisation, declaring that the region needs to reduce its dependency on oil.
He said that the volatility in the global oil market had affected economies of various oil producing countries and made some devalued their currencies over the last couple of years adding that the idea of reform by members of APPO was apt adding that Nigeria would support every move to help the region adapt to the changing realities.
“Over the last three years oil producing countries have witnessed drop in oil price and in turn affected their economies and currencies,” he said.
“We need to ask questions; the reality is already with us, we need to rethink. Japan and China are already working on how to make use of electric cars.
“This is an indication that zero oil days are by the corner.
“We need diversification; this reform we want to embark is a step in the right direction; we need to reduce over dependency on oil.
“Your reforms must have new realities, technology and new innovation will be a challenge but it must be tackled to ensure that the region is able to create jobs for the unemployed through the reforms.
“Technology, the growing population and Job creation must be properly tackled; you must build capacity and develop skills.”
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