An energy expert, Dr. Adewale Ojo, has criticized the Nigerian government for its failure to effectively shield the country from the shocks of the volatile global oil market.
Thank you for reading this post, don't forget to subscribe!Naija247news gathered that Dr. Ojo made this assertion during an interview with journalists in Lagos, lamenting the government’s inability to implement policies that would cushion the impact of fluctuating oil prices on the Nigerian economy.
According to Naija247news, he pointed out that despite being an oil-producing nation, Nigeria remains heavily reliant on oil imports, leaving it vulnerable to price swings in the international market.
Naija247news understands that Dr. Ojo emphasized the need for the government to diversify the economy and reduce its dependence on oil revenue.
Naija247news reports that he advocated for increased investment in renewable energy sources such as solar and wind power, as well as the development of other sectors like agriculture and manufacturing.
According to Dr. Ojo, the government should also implement policies to encourage energy efficiency and conservation among Nigerians.
Naija247news gathered that he stressed the importance of strengthening the country’s refining capacity to reduce reliance on imported petroleum products.
Dr. Ojo warned that the government’s failure to address these issues could have serious consequences for the Nigerian economy, including increased inflation, fuel scarcity, and economic recession.
He urged the government to take decisive action to mitigate the impact of global oil market shocks and ensure the long-term stability of the Nigerian economy.
