No better time to diversify Nigerian economy than now

With the Central Bank Nigeria (CBN) already taking steps to reverse the recession in the Nigerian economy, President Muhammadu Buhari on Wednesday said there was no better time to diversify the economy than now.

The president was speaking at the 56th Annual General Meeting and Conference of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) in Dutse.

Represented by the Minister of Industry, Trade and Investment, Okechukwu Enelamah, the president said his administration was determined to ensure the long-overdue fundamental restructuring of the Nigerian economy.

He said Nigeria had depended on the oil and gas sector, which accounts for more than 75 per cent of government’s revenue, for too long, pointing out that with the current dwindling crude oil prices, there was need to reform and diversify the country’s economy.

“With the current challenge, for the country to survive, we must harness our natural resources, particularly in agriculture and solid minerals sectors, with about 44 mineral resources available in commercial quantities across the country.

Apart from these natural resources, he said Nigeria was capable of producing more yam, cassava, cashew nut, shea nuts and kola nuts than the rest of the world.

The president said it was disheartening that every year Nigeria spent more than $3 billion on importation of steel, despite the huge iron ore deposits in the country.

To promote a healthy partnership with the private sector, he said government would create the environment that would encourage a Nigerian Industrial Revolution Plan.

Apart from championing the cause of the micro, small and medium enterprises, the president his administration would take steps to attract long-term domestic and foreign investments to the country.

(NAN)