Economic diversification expert expert, states crude oil …

Professor Maxwell Gidado, a constitutional lawyer, asked for the aggressive diversification of the economy of Nigeria away from crude oil to non -oil initiatives, stating that nations dependent on oil face a dark future.

According to him, the current reality in global demand and in the price of oil gives credit to this fact.

Gidado, who is also a supporter of the renovation, spoke in a telephone interview with the Nigeria news agency (Nan) Saturday.

He said that a Nigeria without oil, once considered a myth, was quickly becoming a reality.

Gidado said that experts all over the world have foreseen the imminent end of the glorious era of fossil fuel as a pillar of national economies.

The United Kingdom and France, for example, said, were planning to ban diesel and petrol cars by 2040.

He added that many analysts had also foreseen that oil demand would significantly decrease in the years following 2025, when battery -powered cars would become mainstream.

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“According to the International Energy Agency (IEA), China, the largest automotive market in the world, is contemplating a similar move, which would have a significant impact on the demand for oil,” he said.

He said that IEA also declared that other countries that considered the ban were India, Norway and at least 10 other countries.

“The above analysis indicates the frightening fact that the future for the nations, whose economies are mainly managed on oil revenues, is bleak, except that they diversify and engage in an aggressive way in non -oil initiatives.

“Unfortunately, Nigeria usually depends on oil as its main source of revenue for its economy,” he said.

Gidado observed, however, that Nigeria is more endowed in agriculture.

He said that the nation tomatoes, carrots, cabbage cucumbers, tubers, cereals, cattle and dairy products feed most of the Nigerians, despite the huge reserve of their potential unexplored exports.

Gidado stressed that Nigeria could become one of the richest countries in the world, if it diversifies and renovates its economy, as well as applies the right agricultural policies.

(Nan)

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