How I Would Ensure Nigeria Does Not Depend On Oil Again – Buhari

President Muhammadu Buhari has, said that his administration would ensure that “Nigeria does not slip back into a lazy and dangerous dependence on the price of crude oil” again.

Speaking at the at the United States-Africa business forum, Buhari stated that his government has set an enviably workable modalities to drive the economy out of recession and reposition the country and Africa as a destination point for every investor.

According to him, “These are no doubt challenging times for the Nigerian economy. But let me use this opportunity to boldly affirm our conviction that there is no crisis without an accompanying opportunity. In our case, we see Nigeria’s ongoing economic challenges – occasioned mainly by the fall in oil prices – as an opportunity to set the economy firmly on the path of true diversification, sustainable economic growth and shared prosperity.”

He said the Presidential Enabling Business Environment Council headed by Vice-President Yemi Osinbajo, would soon come out with wide-ranging business environment reforms on ports, visa-on arrival, improving the speed and efficiency of land titling and business registration.

Buhari added, “We are weaning ourselves of a historical dependence on crude oil, diversifying our economy, and putting it on the path of sustainable and inclusive growth. To this end, we have embarked on policies aimed at establishing an open, rules-based and market-oriented economy.

“We will continue to actively engage the private sector at the highest level to listen to your concerns and to assure you of our commitment to creating enabling policies in which your businesses can survive and thrive.”

Buhari, while stressing that enormous potential exist for foreign investment and for the local economy, listed sectors which have barely been exploited to include Nigeria’s 180-million population and abundance of labour; arable land; forest waters; oil and gas; solid minerals; livestock and huge tourism.

The President said the reform measures taken by his administration from 2015 had started yielding positive results especially in the areas of security, anti-corruption and revamping the economy.