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
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
