President Muhammadu Buhari has described as a costly mistake, Nigeria’s sole depending on oil as major source of revenue.
The President noted that Nigeria was in for the worst times for failing to save or diversify its economy.
Buhari made this remark while bidding farewell to the outgoing Iranian Ambassador to Nigeria, Mr. Saeed Koozechi, in Abuja.
According to Buhari, considering the crash of oil prices. his administration was vigorously pursuing the 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.
“We have seen the benefits of diversification which helped Iran to survive many years of sanctions and still came out strong”, he said.
“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,” he said.
