The effective implementation of the 2016 budget is in limbo due to current exchange rate of $1 to N305 naira 1 Pound Sterling being exchanged for almost N500 naira and a barrel of oil selling below $30.
I commend our young geniuses such as Miss Chinasa Emeghara, Milton Jones and Onyeka Obasi and others on their breakthrough into the solar energy industry.
Invention and tapping into Solar Energy and its subsequent conversion into various forms of energy is indeed one of the major reasons behind Oil industry drastic collapse. Even major world stakeholders have tapped into it including Saudi Arabia, China, USA, Warren Buffet, Bill Gate, Google, Facebook, Walmart, General Electric and others. Solar energy is cleaner. Imagine driving a car which is solar powered and you do not have to stop at any gas station or living in a house that is solar powered.
Major Oil companies are now not only downsizing but embarking on massive layoff. Houston Mayor Sylvester Turner was recently interviewed by FOX News in January 2016 and stated that it is obvious that the situation on ground is not palatable.
USA Oil Fracking industry which include the state of North Dakota is lamenting bitterly now thereby, people resulting in foreclosing their homes and many more hardship being felt from parents to spouses to children into immediate surrounding businesses. Market diversification from the Oil producing areas/state/country is now the new song in town.
If Solar is the new thing in town and it is in abundance in the atmosphere, what does the future holds for a lot of people in the Oil/Gas and Chemical industries such as Exxon Mobil, Conoco Phillips, BP, Texaco, Schlumberger, Baker Hughes, Halliburton and even Petroleum Engineers, Professors and current students in colleges and Universities?
Saudi Arabia is now diverting into hospitality and tourism industry while Nigeria economy which is now brutally affected are thinking/proposing (WHY NOW) about diversifying into agriculture, mining other than oil and tourism industry.
The effective implementation of the 2016 budget is in limbo due to current exchange rate of $1 to N305 naira 1 Pound Sterling being exchanged for almost N500 naira and a barrel of oil selling below $30 including British Brent. (Though other factors led to Nigeria economy being in a comatose situation such as CORRUPTION/TREASURY LOOTING).
Nigeria is not the only country feeling the heat right now, so are the other Organization of Petroleum Exporting Countries (OPEC).
I personally titled this “Solar Energy: A replacement for Oil, Gas, Coal and Nuclear Energy”.
The earlier the better as Oil may slip to about $10 per barrel if the invention/new innovation is anything to go by. Solar Engineering industry is where to invest now. Solar energy is in abundance in the atmosphere and could be tapped freely.
Honourable Oluwaseyi J.A. Ogunyinka, DCS, DPA, MBA/HRM.
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