President Muhammadu Buhari has said that
Nigeria made a costly mistake by depending
solely on oil as only source of income.
The President admitted that Nigeria was in for the
worst times for failing to save or diversify its
economy, which he said, had been greatly
affected by the crash of oil prices.
Buhari made this remark while bidding the
outgoing Iranian Ambassador to Nigeria, Mr.
Saeed Koozechi, farewell in Abuja.
According to him, his administration was
vigorously pursuing the diversification project.
“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 came out strong”, he 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
said.

BeeBeeOoh:
But, he is channelling billions of naira for oil exploration in Chad basin??

ganisucks:

Don't mind the hypocritical Prophet ☀̤̣̈̇f doom. He is still playing the blame game.

raumdeuter:
Truth. This is the truth and nothing but the truth

We are a nation with one major source of income, We had a windfall like never before, instead of diversifying our economy and building infrastructure some saw it as an opportunity to loot the windfall

Just like the story of Joseph in Egypt where he dreamt of 7 yrs of windfall and 7yrs of famine. 2000years ago people had the sense to save for rainy days but our perpetually inebriated ineffectual Buffoon and his cronies ate it all

What we failed to do in the time of plenty we would be forced to do in this period of scarcity

BeeBeeOoh:
But, he(Buhari) is channelling billions of naira for oil exploration in Chad basin? How much did he allocated to Ministry Of Agriculture & Ministry Of Information??




This man is just a disgrace to Dullards world wide

yemmit90:


I dont even think he have any moral right to talk about diversification after allocation of a mere 87 billion naira for agriculture.

codedguy1:
Don't make it look like Jonathan is the only one responsible for where we are today. if Obasanjo knew what he was doing in 1999 we won't be where we are today, he even wanted to perpetuate himself in power for a 3rd term.

raumdeuter:


Obasanjo despite his imperfection especially with his politics, did his best economically. He got us debt cancellation, He opened up the Telecoms sector of the economy which is one of the highest employers of labor in the country currently, He stabilized the banking sector with the 25B consolidation and he worked with oil never at Jonathans level

Gowon regime is about 50yrs old now, the oil boom that was recent could have been better managed

The President admitted that Nigeria was in for the
worst times for failing to save or diversify its
economy, which he said, had been greatly
affected by the crash of oil prices.

According to him, his administration was
vigorously pursuing the diversification project.

gidjah:
NO TIME FOR EXCUSE SIR, PLS take honest charge and start reasoning well, listen to honest professionals and get pretty humble sir, your govt seem not to be communicating with the masses that brought you people in, dont hold the economy to its jugular, it will suffocate sir, listen to the masses, they are saying something.

waternogetemeny:
Wateva u diversify the economy into, with a senseless buffoon like u in power, u will certainly ignite some kind of militancy that will disrupt the economy.


Sir, u are not qualified to be President. U dont even have a certificate.