Dependence on Oil, Nigeria’s Costly Mistake - President Buhari

President Muhammadu Buhari has said that Nigeria made a costly mistake by depending on oil as the mainstay of the economy.

The President said the country was in for the worst times for failing to save or diversify its economy, which had been greatly affected by the crash of oil prices. 

Speaking while bidding the outgoing Iranian Ambassador to Nigeria, Mr. Saeed Koozechi, farewell in Abuja, President Buhari said he was convinced that with greater diligence, hard work and patriotic determination, Nigeria would achieve self-sufficiency in most of the goods on its import list. 

He said his government is vigorously pursuing the diversification project. “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,” he said.

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