Dr. Ogbonnaya Onu, the Nigerian Minister of Science and Technology has foreseen the possibility of Nigeria importing crude oil in the future. This according to him will happen when the Gross Domestic Product (GDP) of the country is doubled and redoubled by the current economic diversification.
Onu called on Nigerians to get ready for the time when the country would no long export crude oil but rather import it to meet up the local demands. Every petroleum product in the country would be used up internally during this period as a result of rapid economic growth that will bringht about the diversification of economy by the present administration.
Dr. Onu made this prophetic statement while addressing a team of Nigerian Society of Chemical Engineers that came to his office in Abuja yesterday. Prof. Emenike Wami, the President of the group led the delegation to the minister’s office.
Explaining himself very well, Onu said that it was not a bad thing to import oil. According to him, a good number of the countries that import crude oil today produce more crude oil than Nigeria.
He singled Indonesia out as one of the countries that were exporting oil before but now import crude oil as a result of the economic development they witnessed.
The minister went further to throw more light on the economic diversification currently going on in the country. According to him, falling price of crude in the international market is not the major reasons why the current administration is making effort to diversify the economy. According to him, it is the only channel left for the country to achieve greatness.
Onu while admonishing his visitors urged them to make money with their research finding under the ministry. He reminded them of their duty to ensure that many of the imported items are made in the country.
He urged any person that has an idea to materialize it turning it into a product or service. He said that the government will do everything possible to ensure that any useful idea is brought into a useful product.
Prof. Wami on his own part solicited for the restructuring of the research institutes so that they will become more useful. According to him, Nigeria has no option than to look inwards given the falling price of crude and shortage of foreign currency in the country.