Shortage of foreign exchange caused recession – President says

Buhari also told citizens that he believes the current economic recession will not last.

He assured Nigerians that the government is doing its best to end the economic situation, and called for patience.

According to Mr. President, “Our own recession has been brought about by a critical shortage of foreign exchange. Oil price dropped from an average of $100 per barrel over the last decade to an average of $40 per barrel this year and last.”

He also said his administration’s reforms are all aimed at preparing Nigeria for the 21st century.

Buhari also said Nigeria will save $10annually from importation of petroleum products as the nation’s four refineries would soon be fully repaired.