We have to be extremely deliberate about what we do with our oil resource. We have to be deliberate about attracting capital to exploit, extract and make the most of the resource while there is still a bit of a focus on it.
Deputy Managing Director at Afrinvest, Victor Ndukauba, has said that Nigeria has a 10 to 15-year window to take advantage of oil revenue.
He was reacting to the fall of Exxon Mobil from the top 10 companies in the S&P index weight – a rating of the top 500 firms in the United States, as well as a few other trends that affected the petroleum industry in August 2019.
Ndukauba reiterated the target of European countries to ban the use of petrol and diesel-powered engines, starting from 2025.
He said, “There is a sense that Nigeria has a 10 to 15-year window in which to optimise oil and gas assets, and use that cash to feed into infrastructure – critically power and transport.
“We have to be extremely deliberate about what we do with our oil resource. We have to be deliberate about attracting capital to exploit, extract and make the most of the resource while there is still a bit of a focus on it.
“We have to be deliberate about leveraging that asset to build infrastructure, open up other segments of our economy and truly begin to push the diversification agenda.
“The rest of the world have determined that oil is a key element of global warming.
“There is a very deliberate push by Western economies to limit the dependence on oil and its derivatives.”