President Muhammadu Buhari on Tuesday night said that his administration was fully committed to increasing the productivity of Nigeria’s agriculture and solid minerals sectors to save the nation from the harsh effects of lower crude oil prices. Speaking at a meeting with leading members of the Council of Saudi Arabia’s Chambers of Commerce and Industry, President Buhari said that with declining revenues from crude oil exports, Nigeria’s hopes of economic resurgence now lie in the rapid development of its immense agricultural and solid mineral resources.
Inviting Saudi Arabian businessmen to invest in both sectors, the President said that his administration will welcome greater foreign investment in support of its efforts to rapidly diversify the Nigerian economy. Buhari, in a statement by the Special Adviser on Media and Publicity, Femi Adesina, said that Nigeria had regrettably depended too much on crude oil exports to the neglect of other resources and was now paying a harsh price for failing to diversify its economy early enough.
He said: “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.