President promises to end Nigeria’s dependence on oil revenue

President Muhammadu Buhari has said that his administration will end Nigeria’s dependence on crude oil exports for economic survival.

The president made the comments on Thursday, August 27, 2015, during a meeting with the new Ambassador of Saudi Arabia to Nigeria, Mr Fahad Abdullah Sefyan.

According to a statement released by Buhari’s media aide, Femi Adesina, the president said:

‘‘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.”

"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.”

Buhari also said that his government would ensure that all pending agreements on trade and economic relations with other countries are speedily concluded and signed.