NIGERIA MADE MISTAKE DEPENDING SOLELY ON OIL, WE ARE NOW DIVERSIFYING ECONOMY — BUHARI

According to President Muhammadu Buhari, his administration was vigorously pursuing the diversification project.

“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.

“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,” he said.