Buhari also said that Nigeria’s dependence on oilwas a terrible mistake and that the global drop in prices had put the country in a volatile situation.

The president made the remarks while receiving outgoing Iranian Ambassador to Nigeria, Saeed Koozechi, a statement by his media aide, Femi Adesina said.

“We made a terrible mistake by becoming a mono-product economy, hinged on oil and we are now in a volatile situation due to the crash in oil prices. We have seen the benefits of diversification, which helped Iran to survive many years of sanctions and still come out strong,” Buhari said.

“We are now fully committed to economic diversification. Most of the things on our import bills can be produced here; and we are determined to achieve that self-dependency,” he added.

Buhari also met separately with outgoing Chinese Ambassador, Gu Xiaojie.

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