Nigerian leader says to prioritize economic diversification

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Muhammadu Buhari
Muhammadu Buhari

Nigerian President Muhammadu Buhari on Thursday reaffirmed his commitment to faster development of non-oil sectors and the speedy diversification of the country’s economy.

Muhammadu Buhari
Muhammadu Buhari
Speaking during an audience with the new Ambassador of Saudi Arabia to Nigeria, Fahad Sefyan, Buhari said his administration would work closely with other countries facing the challenge of falling oil prices to rapidly move away from dependence on crude oil exports for economic survival.

He said for more than 30 years, Nigeria depended on oil as its major source of revenue at the expense of agriculture and the non-oil sector which could be the mainstay of its economy.

“Saudi Arabia has done excellently in manufacturing, building of infrastructure and exploration of solid minerals and I believe that greater bilateral cooperation between us in this regard will be mutually beneficial,” he said.

Buhari said in keeping with his commitment to the accelerated development of non-oil sector, the Federal Government would ensure that all pending agreements on trade and economic relations with other countries were speedily concluded and signed.

The president also commended Saudi Arabia for the cooperation with Nigeria in the war against terrorism.
The president restated his conviction that the war against terrorism in Nigeria and other countries could only be won with greater and more effective international collaboration.

The new ambassador assured Buhari that he would work very hard to boost trade and economic relations with Nigeria. Enditem

Source: Xinhua

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