Nigerian President Muhammadu Buhari says his government is committed and determined to do all within its powers to achieve rapid diversification of the country’s economy in the shortest possible time.

Speaking at a farewell audience with the outgoing Iranian Ambassador to Nigeria, Saeed Koozechi, here Wednesday, the president said he was convinced that with greater diligence, hard work and patriotic determination to achieve self-sufficiency, Nigeria could produce most of the items currently on its import list.

“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,” he said.

“We are now fully committed to economic diversification. Most of the things on our import bill can be produced here. And we are determined to achieve that self-dependency.”

At a separate audience with outgoing Chinese Ambassador Gu Xiaojie, the president assured that the Nigerian government would continue to do its best to meet its obligations under bilateral agreements with China for the development of critical infrastructure.

The president said that because of their importance to Nigeria, his administration would uphold contractual agreements with Chinese companies for the development of essential infrastructure which it inherited from past administrations.

According to him, his administration will ensure that the projects are speedily completed. He reiterated the commitment of his administration to the completion of the Mambilla Hydro-power Project in Taraba State in eastern Nigeria.

He added that the project was of great strategic importance to the government’s efforts to ensure that Nigeria does not become over-reliant on gas-powered electricity generation.’

Source: Nam News Network