President Muhammadu Buhari has said that Nigeria made a very big mistake by depending on oil as the mainstay of the economy.
Speaking while bidding the outgoing Iranian Ambassador to Nigeria, Mr. Saeed Koozechi, farewell in Abuja, President Buhari said he was convinced that with greater diligence, hard work and patriotic determination, Nigeria would achieve self-sufficiency in most of the goods on its import list, as the government continues pushing for diversification of the economy.
“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.
“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.”