The House of Representatives is unhappy that oil revenues remains the mainstay of the nation’s economy. As a result, the House has stressed the need by the authorities to make adequate plans and preparation for a Post-Oil Economy in Nigeria. Adigun while moving the motion warned that the continuous dependence on crude oil by Nigeria is destructive as it has become glaring that the era of oil is gone. Making copious reference to advanced economies of the world, he asserted Nigeria is never going to become an industrialized nation by selling more oil, even if the oil market recovers fully. He claimed that some companies have started producing electric cars and non-grid solar panels to provide electricity in homes as a replacement for noisy, unwieldy, gas-guzzling electricity plants and an example of such companies is Tesla, an American electric car manufacturer which produced about 80,000 electric cars in 2016,100,000 electric cars in 2017, 86,555 electric cars in 2018 and produced 77,100 electric cars in the first quarter of 2019.

Source: The Guardian June 02, 2020 17:32 UTC