Economy In Volatile Situation- Buhari

Nigeria’s economy is currently in a volatile situation due to the crash in oil prices, President Muhammadu Buhari has said.
The president’s remark came at a time when oil price yesterday rose to nearly $50 a barrel, even though Nigerian will earn less from the boom due to drop in production in recent times.

 Buhari spoke yesterday at the Aso Rock Villa in Abuja at a farewell audience with Iranian Ambassador to Nigeria, Mr. Saeed Koozechi.
Presidential spokesman Mr Femi Adesina, quoted Buhari in a statement as saying the government was determined to diversify the economy in the shortest possible time.
He said he was convinced that with greater diligence, hard work and patriotic determination to achieve self-sufficiency, Nigeria can produce most of the items currently on its import list.
President Buhari stated: “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.”
He said his administration had seen the benefits of diversification that helped Iran to survive many years of sanctions and still came 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.
At a separate audience with the outgoing Chinese Ambassador, Mr. Gu Xiaojie, Buhari assured that the Federal Government will meet its obligations under bilateral agreements with China for the development of critical infrastructure in Nigeria.
According to him, because of their importance to Nigeria, his administration will uphold contractual agreements with Chinese companies for the development of essential infrastructure which it inherited from past administrations, and work to ensure that the projects  are speedily completed.
Buhari also reiterated his commitment to the completion of the Mambilla Power Project which, he noted, was of great strategic importance to his government’s efforts towards ensuring that Nigeria did not become over-reliant on gas-powered electricity generation.
Nigeria won’t earn much as crude price rises

Credit: dailytrust

Power: We Are In Very Bad Situation– Osinbajo

Vice President Yemi Osinbajo says Nigeria is facing a very dire situation on power supply.
He was speaking in Lusaka, Zambia, yesterday at the commencement of the African Development Bank (AfDB) annual general meeting, with the theme “Energy and Climate Change”.

According to Osinbajo, 45 percent of those who lack access to power in the world are from Africa with “almost half of that African share are in Nigeria.”
“We are faced with a very dire situation, and in most of Africa, we simply don’t have power and without power, there is very little that can be done,” he stated.
He added: “For us, priority today is development, and we have to take development seriously. We think that renewable energy and all of the concern about climate change are important, but we must prioritise development.”
He noted that Nigeria is one of the major hydro-carbon enriched nations; the situation which, according to him, makes fossil fuel important.
The vice president described coal as equally important, saying Nigeria had to leverage all it could get from fossil fuel.
He also told the session that Nigeria has the capacity for solar energy and would tap into it, stating however that “We are dealing with a major developmental problem.”
He, however, explained the limitations of solar power, saying “We must bear in mind that for industries, the base load power is critical and is so much more difficult to get from solar power. So, we must understand that our immediate need requires the base load power that can move us forward quickly, and that we would get from fossil fuel, hydro power and coal fire plants.”

Credit: dailytrust