Nigeria Economy: We ‘re starting from scratch - Buhari

President Muhammadu Buhari has said Nigeria was starting all over again to rebuild the economy.

He said that Nigeria had relied so much on oil, stressing that with the fall of oil prices, it had become imperative to diversify the economy.

The president spoke Tuesday when he received a team of British Members of Parliament led by Hon. Chi Onwurah at State House, Abuja.


“We are going to rebuild Nigeria, and there are vast opportunities for Britain and us. We share very close ties, and our expectation from you is high”, he said.

President Buhari lamented that Nigeria has found herself in a phase of development, “which is not a very welcome one. We are disorganized because we relied on mono-economic product for too long, and now that oil price is down, we have to go back to agriculture and solid minerals. Tin, columbite, cocoa, groundnut, and others, used to be the basis of our economy, but then, oil came, and everybody began to look for cheap money. Now, we need to start all over again.”

Also speaking, Hon. Onwurah, Nigerian-born MP for Newcastle, said the team was in the country “to promote positive engagement between Nigeria and the UK, since we are stronger when we build on ties of the past.”

 She said the mission of her team was to amass support for the economic progress of Nigeria, as well as promotion of trade and diversification of the economy.

Also on the delegation made up of three MPs was the British High Commissioner to Nigeria, Mr. Paul Arkwright.

Culled from The Vanguard