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Govt to stop dependency on crude oil

27 August 2015, 21:45

Lagos - Nigerian president Muhammadu Buhari says his government is working to rapidly diversify the country's economy to stop its dependency on crude oil exports.

Buhari said Thursday that Nigeria has depended on oil as its major source of revenue in the last three decades at the expense of agriculture and other sectors. He spoke as he received new ambassadors.

Also read: Buhari cancels crude oil swap deals between NNPC, traders

Buhari, who took power in late May, inherited near-empty coffers, tens of thousands of unpaid civil servants and an economy battered by a sharp drop in oil prices. Africa's largest economy and oil producer has also been plagued by widespread corruption, especially in the oil sector. In July, a government body revealed more than $20 billion in oil revenue to be missing.

- AP


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