Nigeria’s economy volatile, Buhari says

President Muhammadu Buhari has said that niigeria’s economy is in a volatile situation due to the crash in oil prices.

The president stated this at the State House, Abuja on Wednesday when he received the outgoing Iranian Ambassador to Nigeria, Mr. Saeed Koozechi.

He lamented, that “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 however reaffirmed that his administration is fully committed and determined to do all within its powers to achieve the rapid diversification of Nigeria’s economy in the shortest possible time.

President Buhari 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.

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He said, “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,” President Buhari told the outgoing envoy.

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.

President Buhari commended the outgoing ambassadors for their efforts to strengthen bilateral relations between Nigeria and their countries during their tenure in Abuja.

He wished them well in their future endeavours.

 

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