Nigeria may soon startimporting crude oil

Minister of science and technology has
predicted that Nigeria will experience an
accelerated economy development
which lead to the country to start crude
oil
– He said that the diversification of the
economy is a must and be carried out
within the short possible time to achieve
the needed change
Ogbonnaya Onu, the minister of science
and technology, has hinted that the on-
going economic diversification doubles and
redoubles, Nigeria's Gross Domestic
Product (GDP), leading to the country going
into importation of crude oil.
File photo of minister of science and
technology , Dr Ogbonnaya Onu
He said this when he played host to the
Nigerian Society of Chemical Engineers, led
by its president, Professor Emenike Wami,
in his office on Monday,February 22.
The minister urged Nigerians to prepare
for a period when they would use up every
petroleum product produced in the country
because of rapid growth in the economy
and would no longer export crude oil but
depend on import.
Onu said that there was nothing wrong
importing crude oil, adding that there are
many countries that produce more crude
oil than Nigeria that also import, The Sun
reports.
He gave an example of Indonesia which,
according to him, used to export crude oil,
but, as their economy grew, it got to a level
where they needed all they could produce
and now depend on import.
Onu said that current efforts to diversify
the economy was not because of the
tumbling price of crude oil, but, that, it was
the only option left for the country to attain
greatness.
The minister urged the society to help in
commercialising many of the research
findings of agencies under the ministry.
Onu said: "As engineers, you are in a
position to ensure that many of the things
that we import in Nigeria can be produced
here in the country.
"We want to make it possible for a Nigerian
who has a good idea to see that idea
becomes either a product or service that
will be available in the market place that is
what this ministry is working towards. "
Speaking earlier, Earlier,Wami canvassed
for the restructuring of the research
institutes to make them more result-
oriented, stating that with the slump in oil
price and shortfall in foreign exchange
accruing to Nigeria, there was no
alternative than to look inwards.