Nigeria’s oil minister, Dr. Ibe Kachikwu, has said crude oil as a global export commodity was on the tail end of its famous and glorious reign, noting that countries that would rely on it as a sole revenue source in the next 10 years could be in financial trouble.

Kachikwu, explained in a recent conversation with journalists in Nigeria’s capital – Abuja, that unless countries produced oil for their local consumption, exporting it in its raw form would be quite difficult because most countries were cutting down their heavy reliance on it as a fuel source.

Following the threats of climate change on the world’s environment, countries have made commitments in the Paris Agreement to reduce their carbon emissions, and sustain the climate. Heavy use of fossil and dirty fuel have contributed to this development, hence, propping the slow but gradual transition to clean and renewable energy sources like solar, wind, biomass, and hydro across the globe.

“If Europe is saying in five years time, we are going to exit oil cars to electric cars, oil, therefore, is getting its last years,” said Kachikwu.

“Except for those who produce and use it for local consumption because they’re moving slowly away from it, but in terms of an income resource, you can begin to count the years in your hands. In 10 years time, I’d be very surprised if any country that hasn’t diversified enough is counting really seriously on oil,” he added.

Countries such as France, Britain, Norway, amongst others have set timelines on when to cut down or ban use of internally combustion engine vehicles, while Nigeria which relies on its oil for up to 90 per cent of its foreign exchange earnings have yet to make a strong push to diversify its economy and reliance on oil for survival.

Kachikwu, however said he does not see an incredible oil prices in the near future largely because of the global shift from hydrocarbon.

He said on his forecast for oil prices: “Everything all added up together is showing us that towards the last quarter of 2018 we expect a better market. Does that better market translate to your $100 price? Never! I don’t see it, frankly I don’t see it.

“Its going to take a major calamity. Largely because on the back of all these, countries are racing away from oil. This year. I’m knocking on the wood for $60 (per barrel) but I don’t think it’s going to happen, so mid $50s. If I get $55 at the end of the year I’m content and by late 2018, early $60s.”