Crude oil has expiry date, let’s chart alternative path now – Akeredolu tells FG
Governor Oluwarotimi Akeredolu of Ondo State has charged the Federal Government and other stakeholders to seize the opportunity provided by the nation’s oil deposits to fast-track the development of the nation as an insurance against a future without oil.
He gave the advice on Thursday at the Annual Lecture of the School of Engineering and Engineering Technology, Federal University of Technology, Akure (FUTA).
The lecture entitled: “Framework for the development of Nigeria’s Oil and Gas Industry: Challenges and Opportunities” was delivered by the Chairman, Senate Committee on Petroleum Resources Upstream, Senator Omotayo Alasoadura, representing Ondo Central.
Akeredolu, who was represented by the Special Adviser to the Governor on Public Utilities, Engr. Tunji Ariyomo, noted that it is important and urgent for governments at all levels to develop the various sectors to a point of self-reliance without oil.
He warned that the nation would run out of oil deposit in the next 44 years and advised that whatever accrues to the nation should be used judiciously as strategic investment for unborn generations.
According to Akeredolu, “It is significant to note that Nigeria’s proven crude oil reserve is 37.2 billion barrels, an equivalent of 5.9billion cubic metres. Simple arithmetic suggests that all things being equal, this would only last for 16,000 days or 44 years.
“There is therefore a supreme urgency to alter our development paths and leapfrog our economy now that we have the oil advantage. It is unfortunate that we are producing what we don’t need and consuming at alarming rate what we don’t produce.”
Akeredolu further highlighted some of the giant steps of his administration in the quest for industrialization to include the ongoing Ondo State – Weewood wood processing facility at the Omotoso Industrial Park with its production of over 15 Million seedlings of Gmelina Arboree.
He also revealed that the recently signed MOU between the state and a Chinese construction company for the building of over 130km of Greenfield multi-lane turnpike highway from Araromi by the sea through Ore, Ondo to Akure the state capital is a deliberate state strategy to open up the state for unprecedented economic development.
Akeredolu thanked Alasoadura for his representation and efforts at the Red chambers as well as his contributions to the development of the state.
In his remarks, Senator Alasoadura, who recalled how he facilitated a N500m research facility – Centre of Excellence for Oil and Gas Research in FUTA – informed the audience that in support of actualising the construction of the Centre, the Petroleum Trust Development Fund (PTDF) has agreed to fund the project with N300m.
Vice Chancellor of the institution, Prof. Joseph Fuwape stated that if the institution is provided with necessary facilities, it will take the nation to greater heights in technology.
“We embrace partnership of people who love education. Here we have good hands to manage resources donated to us.
“If you provide us with the necessary tools, this university will take the country to the promised land in terms of technology,” the vice chancellor said.
Other dignitaries at the event included the Deputy Governor of Ondo State, Hon. Agboola Ajayi, the Deji of Akure, Oba Ogunlade Aladetoyinbo, the Alara of Ilara Mokin, Oba Aderemi Adefehinti among others.
