Nigeria to Depend Less on Oil & More on Agriculture – Pres. Buhari

Nigeria’s president Muhammadu Buhari has reiterated his desire to diversify the country’s economy. He says he’ll ensure Nigeria depends less on oil as has been the custom for the past 30 years.

Speaking at an audience with Fahad Abdullah Sefyan, the new ambassador of Saudi Arabia to Nigeria, Buhari affirmed his administration’s commitment to faster development of Nigeria’s non-oil sectors and the speedy diversification of the country’s economy.

‘‘For more than 30 years, Nigeria has 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 our economy,” he said.
“As oil exporting countries facing similar challenges due to the down turn in the international price of crude oil, we should be working closer together. 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.”

According to Femi Adesina, presidential spokesman, Buhari said that in keeping with his commitment to the accelerated development of Nigeria’s non-oil sector, the federal government would ensure that all pending agreements on trade and economic relations with other countries are speedily concluded and signed.