President Muhammadu Buhari has expressed his regrets of the economy, stating that the country’s over reliance on oil as a terrible mistake.
The president was quoted by presidential spokesperson, Mr. Femi Adesina, as saying this when his bade farewell to the Iran Ambassador, Saeed Kozechi, that was recalled by Tehran on Wednesday.
Buhari while lamenting the current dire economic situation of the country, reiterated his administration’s determination diversify the economy in the shortest possible time.
“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.”