President Muhammadu Buhari has that his administration was fully committed to increasing the productivity of Nigeria's agriculture and solid minerals sectors to save the nation from the harsh effects of lower crude oil prices.
President Buhari addresses the Nigerian Community in Riyadh

Speaking at a meeting with leading members of the Council of Saudi Arabia’s Chambers of Commerce and Industry on Tuesday in Riyadh, President Muhammadu Buhari said that his administration was fully committed to increasing the productivity of Nigeria’s agriculture and solid minerals sectors to save the nation from the harsh effects of lower crude oil prices.

With declining revenues from crude oil exports, the president said Nigeria’s hopes of economic resurgence now lie in the rapid development of its immense agricultural and solid mineral resources.

The president while inviting Saudi Arabian businessmen to invest in both sectors, said his administration would welcome greater foreign investment in support of its efforts to rapidly diversify the Nigerian economy.

He said that Nigeria had regrettably depended too much on crude oil exports to the neglect of other resources and was now paying a harsh price for failing to diversify its economy early enough.

"With the downturn in the global prices of oil, we now have to prospect our solid minerals. We have to return to agriculture. Mining and agriculture are our hopes now. We will welcome investments in these areas. We will appreciate an in-flow of more resources and expertise to help us achieve our objective of economic diversification," the president said.

Abdulrahman Al Zamil, the Chairman of the Council of the Saudi Arabian Chambers of Commerce and Industry, said agriculture was a very important area of investment for its members, adding that they were already in Brazil, the United States of America and Sudan, 'where we have huge farms.'

Declaring that they were willing to invest in Nigeria, Al Zamil said that the Saudis were the leading investors in Egypt, Morocco, Tunisia, Kenya and Ethiopia.

The governors of Osun, Ogun, Katsina, Borno, and Zamfara states, who were part of the president’s delegation, took turns to address the Saudi Arabian businessmen on investment possibilities in their states, assuring them of good returns

too many stories and no action.

Saudis are NOT the leading investors in Kenya and Ethiopia. China leads in both followed by the US. Saudi is the fifth largest investor in Ethiopia and not in the top 10 in Kenya. Those Saudis are liars.

Anytime oil price falls, the prices of solid minerals fall as well. Look at the global prices.

We need Agriculture and Industrialization. That's what will spur the economy, not Oil and Solid Minerals.

I think the fundamental problem of our pitiable economic condition is that no one in Buhari's government seems to show requisite knowledge of the problem and how to get out of it.

All I hear is low oil price and mono-economy. Guess what, market women know that too. Tell us how to get out of it, and you start hearing blames.

-Lord

GERALD710:
Saudis are NOT the leading investors in Kenya and Ethiopia.
China leads in both followed by the US.
Saudi is the fifth largest investor in Ethiopia and not in the top 10 in Kenya.
Those Saudis are liars.

Actually you are very very wrong. China just started pouring money into Africa less than eight years ago. Ethiopia was never even colonised as a modern country. We are talking large trading companies that have been in Ethiopia for centuries. Please look at your map. Then there are banks, GSM companies, et.c. Everything should not be viewed on the surface when you are making comments , globalisation is just one twentieth of modern history. The largest foreign investors in Nigeria for instance are the British, followed by the Lebanese and the Indians. Yet looked on the surface you may want to say China.

Baba do something time dey go.................