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“We made a terrible mistake by becoming a mono-product economy hinged on oil & we’re now in a volatile situation” – Buhari



President Buhari IranPresident Muhammadu Buhari reaffirmed Wednesday in Abuja that his administration is fully committed and determined to do all within its powers to achieve the rapid diversification of Nigeria’s economy in the shortest possible time.

Speaking at a farewell audience with the outgoing Iranian Ambassador to Nigeria,President Muhammadu Buhari , President Buhari said he was convinced that with greater diligence, hard work and patriotic determination to achieve self-sufficiency, Nigeria can produce most of the items currently on its import list.

“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 come out strong. 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,” President Buhari told the outgoing envoy.

President Buhari China FarellAt a separate audience with the outgoing Chinese Ambassador, Gu Xiaojie, President Buhari gave an assurance that the Federal Government will continue to do its best to meet its obligations under bilateral agreements with China for the development of critical infrastructure in Nigeria.

The President said that because of their importance to Nigeria, his administration will uphold contractual agreements with Chinese companies for the development of essential infrastructure which it inherited from past administrations, and work to ensure that the projects are speedily completed.

The President reiterated his particular commitment to the completion of the Mambilla Power Project which, he said, was of great strategic importance to his government’s efforts to ensure that Nigeria does not become over-reliant on gas-powered electricity generation.
President Buhari commended the outgoing ambassadors for their efforts to strengthen bilateral relations between Nigeria and their countries during their tenure in Abuja.

He wished them well in their future endeavours.

Photo Credit: Presidency


  1. Ethio

    May 26, 2016 at 8:26 am

    what has he put in place to see to that mr blah blah blah

  2. keke driver

    May 26, 2016 at 9:24 am

    Can someone please tell this old man to shut up abeg, I don’t want to hear Him speak…..#WORK

    • Confuzzled

      May 26, 2016 at 11:33 am

      Work work work work work?

      LOL sorry. I’m like pavlov’s dog when I heard that word. Thanks Rihanna 😀

      On a serious note, I just wish PMB would stop whingeing and get to work. Its really annoying to hear him harping about the same expired story on and on. One year in office with nothing to show.

    • Jani

      May 26, 2016 at 2:56 pm

      Not only should Buhari shut up he should stop deceiving Nigerians. Complaining about mono-hinged economy but obsessed with wasting our money looking for non-existent oil in Lake Chad Basin. That is what they will use to siphon our money to the north, while sending their fulani herdsmen terrorists to our lands in the fake name of grazing reserves. There is only one word to describe Buhari, it starts with “Ba” and ends in “stard”. Buhari and his idiot sidekick Osinbajo have wrecked Nigeria. .

  3. obinna

    May 26, 2016 at 10:44 am

    Is his so called “fighting corruption strategy” his strategy to diversify the economy? And talking about “fighting corruption”, how can your administration comfortably query people from a past administration, about their use of funds in the past when civil servants are being owed in states where bail-out funds where disbursed to governors in this present administration? Isn’t this situation supposed to be of “fighting corruption” significance or are we waiting for the next administration to ask them questions? A lot of money and attention required to support other areas of our economy is being used to “fight corruption”, which has never happened to be a recognized sustainable source of national income from the history track of any country. We need to balance those “fighting corruption strategies” with alternative production apart from oil and gas, if not we will fast become the poorest country in the world!

  4. FasholasLover

    May 26, 2016 at 11:40 am

    Master complainant! Stop complaining for fucks sakes. What is your solution? Proffer something, anything, just fecking stop complaining! One year is gone and you hv brought nothing but bad luck and hardship to Nigeria.

    Electioneering/scheming/jostling for 2019 starts next year yet, you are still complaining. Enough already.

    You hv done nothing but demarket Nigeria meanwhile, you are the chief marketer. Old man that should be home playing with his grandchildren. Greed for power is Nigeria’s undoing. This is change.

  5. meems

    May 26, 2016 at 1:14 pm

    GEJ, you see wetin you cause?

  6. Ubuntu

    May 27, 2016 at 1:14 am

    My people are paraing. Baba is in charge but economy is on autopilot.

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