'Economic diversification is very high on our agenda,' President says

President Muhammadu Buhari on Thursday, August 27, reaffirmed his administration's commitment to faster development of non-oil sectors and the speedy diversification of the country's economy.

President Muhammadu Buhari.

Buhari made this known at an audience with the new Ambassador of Saudi Arabia to Nigeria, Fahad Sefyan, in the Presidential Villa, Abuja.

According to him, 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.

He 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.

"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’’, 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, who also received the new Ambassador of Turkey, Hakan Cakil and the new Ambassador of Sudan, Ibrahim Bushra Mohammed, commended Saudi Arabia, Turkey and Sudan for their 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 ambassadors assured Buhari that they would work very hard to boost trade and economic relations between Nigeria and their respective countries.

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