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THE International Energy Agency (IEA). has cautioned oil producing and exporting countries against over-dependence on oil revenue.
In its latest report obtained by Vanguard. IEA stated that there was a great need for oil and gas nations to diversify their economy. The agency which examined the case of Nigeria. Iraq. Russia. Saudi Arabia. the United Arab Emirates and Venezuela. and others. urged them to cut their reliance on energy revenues.
IEA Director. Fatih Birol. said: “more than at any other point in recent history. I believe there needs to be fundamental change in the development models of those countries.
