Falling Oil Prices: Jonathan Calls For Diversification Of Nigeria’s Economy, Says Agric Sector Remains Vital.

President Goodluck Jonathan says the time is ripe for the diversification of Nigeria’s economy from crude oil, as global oil prices continue to decline. He added that the agriculture sector remains vital for the economy of Nigeria.

President Goodluck Jonathan says the time is ripe for the diversification of Nigeria’s economy from crude oil, as global oil prices continue to decline. He added that the agriculture sector remains vital for the economy of Nigeria.

Our massive food production efforts, which led to the production of 21 million metric tons of food in the past three years, has created a buffer and mitigated the impact of the devaluation on food prices.

“Our food import bill declined from 1.1 trillion naira in 2009 to 624 billion naira by December of 2013, and continues to decline. Our electronic wallet system, which allows us to reach farmers with subsidized seeds and fertilizers via mobile phones, has become the backbone of a more modern agricultural sector. Over 14 million farmers have received their subsidized farm inputs through the e-wallet system.

“Over 5.6. billion dollars of new private sector investments have also come into the agricultural sector, which clearly shows that local and foreign businesses see Nigeria’s agricultural sector as very viable for investments. Agriculture has become the new wealth sector for Nigeria,” Jonathan said.

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7 Years later dumb Oboki still believed in dwindling oil value when other countries are being creative in revenue generation.