Buhari: Over-dependence On Oil, Our Terrible Mistake | Independent Newspapers Limited
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Buhari: Over-dependence On Oil, Our Terrible Mistake

Posted: May 25, 2016 at 8:02 pm   /   by   /   comments (0)




President Muhammadu Buhari has reiterated his administration’s commitment to achieve rapid diversification of the country’s economy in the shortest possible time.

The President made this known in Abuja on Wednesday at a farewell audience with Mr. Saeed Koozechi, the outgoing Iranian Ambassador to Nigeria.

Buhari said he was convinced that, with greater diligence, hard work and determination to achieve self-sufficiency, Nigeria could produce most of the items currently on its import list.

“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,” the President said.