Nigeria’s president Muhammadu Buhari has said that the country remains an oil-dependent nation despite work to diversify the economy.
The President said on Thursday while speaking during the Africa-Russia summit held in Sochi, Russia.
Buhari said, “Our economy is heavily dependent on foreign exchange on oil.
“With the result that our high Gross Domestic Product is not as a result of domestic sector productivity.
“Our government in the last four years has focused on diversifying our economy by supporting key job-creating sectors such as agriculture, mining and ICT.
“To achieve this, we invested aggressively in infrastructure development and introduced policies and programs that enhance our ease of doing business, reduce corruption in the public sector and enforce the rule of law.
“It is this inclusive economic diversification agenda that we want to forge a new Nigeria-Russia cooperation.
“Already, we are seeing progress in areas of power generation, solid minerals development and rail transportation and I hope this will be expanded to agriculture, manufacturing and other means of transportation.”