Nigeria's dependence on oil, a big error - Buhari
President Muhammadu Buhari has said that Nigeria made a big mistake by relying solely on oil revenue.
He, therefore, reaffirmed his commitment to achieving rapid
diversification of Nigeria’s economy and self-sufficiency in otherwise
imported items as soon as possible.
At a farewell audience with the outgoing Iranian Ambassador to Nigeria,
Mr Saeed Koozechi, the President said he was convinced that greater
diligence, hard work and patriotic determination could help Nigeria
locally substitute most of its imported items.
He said, “We made a terrible mistake by becoming a mono-product
economy hinged on oil and we are now in a volatile situation due to the
crash in oil prices.
“We have seen the benefits of diversification which helped Iran to survive many years of sanctions and still come out strong.
“We are now fully committed to economic diversification. Most of the
things on our import bills can be produced here. And we are determined
to achieve that self-dependency.”
At a separate audience with the outgoing Chinese Ambassador, Mr Gu
Xiaojie, President Buhari gave an assurance that the Federal Government
will continue to do its best to meet its obligations under bilateral
agreements with China for the development of critical infrastructure
in Nigeria.
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