President Muhammadu Buhari has revealed Nigeria's biggest mistake that has slowed the development of the country causing suffering to millions.
President Muhammadu Buhari
President Muhammadu Buhari has revealed Nigeria's biggest mistake which has hindered its growth over the years. The president revealed that Nigeria’s over-reliance on oil is the biggest mistake the country has made. He however assured that his administration is already working on a way forward.
The president revealed this during a speech on Wednesday before the outgoing Iranian ambassador to Nigeria, Mr. Saeed Koozechi.
He said: “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 commended the outgoing ambassadors for their efforts to strengthen bilateral relations between Nigeria and their countries during their tenure in Abuja. He assured that his administration will do its best to make things work for Nigerians.