President Muhammadu Buhari on Wednesday said the sharp drop in the price of oil globally puts Nigeria in a volatile situation, Punch reported.
He said the country made what he called a terrible mistake by relying solely on oil.
President Buhari spoke while receiving the outgoing Iranian Ambassador to Nigeria, Mr. Saeed Koozechi, at the Presidential Villa in Abuja.
Buhari added, “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".
Buhari said further that Nigeria seeks self-sufficiency in goods production.
“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.”
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Buhari in a televised interview in March criticised previous governments for an over-reliance on crude revenues.
Africa's biggest oil producer and leading economy has been struggling with the slump in global crude prices for nearly two years, which has slashed the majority of government revenues.
However, Brent crude oil rose above $50 a barrel for the first time in nearly seven months on Thursday. Global oil prices are rising benefiting oil producing countries such as Nigeria, The Times of India reported.
- News24 Nigeria