The Minister of Science and Technology, Dr Ogbonnaya Onu, has said that crude oil lost its relevance in the international market because of innovations in science and technology.
Dr Onu, who disclosed this Thursday in Abuja at a world press conference, also said the new world order that was unfolding indicated that the end of the crude oil era may not be too far away.
“Indeed, many countries in Europe and some other parts of the industrialised world are moving in a direction which suggests that in the near future, the demand for crude oil will reduce significantly,” he said.
According to him, the administration of President Muhammadu Buhari has vowed to use science and technology as the centrepiece for realizing the national economic recovery and growth plan 2017 – 2020.
This means that science, technology and innovation is the new driver that will help diversify the nation’s economy, create jobs, reduce poverty, conquer illiteracy and significantly improve the standard of living of Nigerians, he said.
(Daily Trust)
