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Jonathan admin explores non-oil sectors

23 August 2013, 09:04Augustine Osayande

Abuja - President Goodluck Jonathan has reaffirmed his administration’s plans to diversify the country’s economy and transform it from one that is too reliant on oil and gas.

The President said as such, the Federal Government was exploring all avenues to boost trade and economic relations with a number of countries in areas not related to the oil and gas sector.

“With current developments in the world, we are more interested in diversifying our economy, not in over-emphasizing oil and gas exports. Our intention is to move our country away from being a mono-product economy that depends primarily on oil exports.”

"We are fully committed, therefore, to boosting non-oil trade relations with other nations,” he said in Abuja after a meeting with the outgoing Ambassador of the Czech Republic to Nigeria, Jaroslav Siro.

The petroleum industry in Nigeria, Africa is the largest industry and main generator of Gross Domestic Product in the continent's most populous nation.

It also provides 95 percent of foreign exchange earnings, and about 65 percent of government budgetary revenues.

Meanwhile, Jonathan commended Siro, who has served in Nigeria for over five years, for his efforts to enhance bilateral relations between Nigeria and the Czech Republic.

This, he said, resulted in the tripling of the volume of trade between the two countries.

Although the Czech Republic does not import crude oil from Nigeria, the annual volume of non-oil trade between the two countries currently stands at about US$100 Million.

- CAJ News


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