Oil won't disappear from global markets anytime soon. That was the message delivered by energy expert Dan Kunle in Ilorin on Thursday.
Kunle spoke at the 4th Annual Distinguished Lecture of the Nigerian Society of Engineers, Ilorin Branch. His remarks came as the event also hosted a book presentation, golf tournament and celebrated the 80th birthday of Engr.
Lanre Sagaya.
According to him, Nigeria faces a different threat than the energy transition sweeping the world. Instead, he warned, the real danger lies in failing to harness oil wealth now.
Many suggest petroleum will soon become irrelevant. Kunle dismissed this outright during the lecture.
"Oil will remain useful. It will not go away as some narratives suggest because its by-products remain essential in the production of so many things," he noted.
He pointed out that refined products, petrochemicals and industrial outputs derived from crude oil will continue driving global economies. "Oil will still be useful in the next 50 years and above despite advancements in other sources of energy," Kunle added.
Nigeria possesses vast crude reserves and ranks among nations with the world's largest natural gas deposits. Yet the country struggles with persistent energy poverty and weak industrial capacity.
Resources alone don't create wealth, he stressed. They must be developed and converted into productive economic assets through sustained investment and exploration.
Countries that stop investing in resource development risk their economic futures entirely. Nigeria cannot afford that mistake.
Technology, engineering expertise, capital and proper infrastructure remain critical tools. "Accessibility requires technology, investment, institutions and engineers," Kunle told the audience.
He urged Nigeria to move beyond exporting raw crude oil in its current form. Instead, the nation should focus on refining, petrochemicals and manufacturing operations.
A barrel of crude generates limited value initially. But refined products yield greater returns, and petrochemicals create even more wealth for the economy.
"Industrial manufacturing creates even greater value," he explained to the engineers present.
Dangote Refinery emerged as his prime example of resource transformation done right. The facility integrates refining, fertiliser production, petrochemicals and supporting logistics infrastructure within one industrial complex.
Such projects reduce imports while deepening local industrialisation and strengthening value chains. They also generate thousands of direct and indirect employment opportunities across communities.
Kunle called on government to support entrepreneurs undertaking large-scale industrial investments. Policies should encourage more Nigerians to venture into resource processing and infrastructure development.
Business leaders like Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu, Tony Elumelu, Femi Otedola and Dahiru Mangal demonstrate what's possible. Their ventures prove that visionary industrialists can transform national wealth into lasting economic assets.
Nigeria must follow their example. Bold action on resource development starts now.
