British envoy urges economic diversification


British envoy has urged Nigeria to diversify its economy especially in the area of renewable energy in powering the country, saying that this is the optimal way to balance the current dip in international oil prices.
The British High Commissioner, Mr. Paul Arkwright, also noted that with oil revenue making up to 80 percent of the country’s budget, “Oil and gas remain extremely important to Nigeria as the main revenue earning for the government and it will stay like that for a longer while. I’m sure because of the reduction in oil price in the country, it has actually created a serious impact in the government revenue that is why the government needs to diversify the economy beyond oil and gas, diversifying the economy is a key, I’m not too sure if the price will rise or reduce,” he said.
He argued that for the country to attract foreign investors in the oil and gas sector, the Petroleum Industry Bill, PIB needs to be passed by the National Assembly, saying that the non-passage of the PIB is hindering investors from coming in.
His words: “To attract foreign investor in the country, the number one thing is to pass the PIB. The PIB has been in the National Assembly for more than seven years. I do think that it’s time for the PIB to be released; it is time it is passed. It should be done with the cooperation of the international oil companies because they will bring huge amount of employment to this country. If this is done, you will see increased interest in investment in the oil and gas sector from international companies.
“Without power there can be no strengthening of the economy. Solar is a good example, and we are already helping the Nigeria government with that. But financing is very important and British banks are very well vast in financing power infrastructure. There is the need for large scale insurance, that’s where expertise can come in, good governance, partnership with the government is very important.
Energy access agreement
I’m not saying you must do this or you must do that. The Nigeria vice president was in London recently at a major launch with the UK minister, who was also here in the country, of what we call the Energy Access Africa campaign,” he added
Recall Vice president Yemi Osinbanjo signed the energy access agreement with the UK, in which the UK government will increase the deployment of solar energy to the West African country’s rural communities and also help Africa achieve universal energy access by 2030.
UK Minister of State for International Development, Mr. Grant Shapps, signed the agreement on behalf of the UK government.
Osinbajo said: “With the cost of solar power 20 years ago that would have been impossible; the combination of innovation in technology, the low cost of solar power has made this all the more possible.


Check the Vanguard newspaper for the full story.












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