24 February 2016, Abuja – With the drastic fall of oil prices in the international market, President Mohammadu Buhari has said that Nigeria was returning to agriculture and mining to cushion its effect on the economy.
He regretted that the country had largely depended on oil, stressing that current harsh economic realities were an indication that the economy needed to be urgently diversified.
President Buhari who spoke at a meeting with leading members of the Council of Saudi Arabia’s Chambers of Commerce and Industry, late Tuesday in Riyadh said that his administration would welcome greater foreign investment in support of its efforts to rapidly diversify the Nigerian economy.
Apart from oil, he stated that Nigeria was gifted with arable lands and mineral resources that were waiting to be tapped, urging the businessmen to take advantage of the opportunity.
“With the downturn in the global prices of oil, we now have to prospect our solid minerals. We have to return to agriculture. Mining and agriculture are our hopes now. We will welcome investments in these areas. We will appreciate an in-flow of more resources and expertise to help us achieve our objective of economic diversification,” the President said