Economic diversification very high on our agenda

chika ebuzor

August 28, 2015 6:09 AM

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.

President Buhari

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

Buhari made this known at an audience with the new Ambassador of Saudi Arabia to Nigeria, Mr 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.

"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.

chika ebuzor