President Muhammadu Buhari, while bidding farewell to the outgoing Iranian Ambassador to Nigeria in Abuja today, remarked that Nigeria made a costly mistake by depending solely on oil as only source of income.
Buhari made this remark while bidding the outgoing Iranian Ambassador to Nigeria, Mr. Saeed Koozechi farewell. The President admitted that Nigeria was in for the worst times for failing to save or diversify its economy, which he said, had been greatly affected by the crash of oil prices.
According to him, his administration was vigorously pursuing the diversification project. He said, “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”.
“We have seen the benefits of diversification which helped Iran to survive many years of sanctions and still came out strong”, he said.
He also added that, “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”.