President Muhammadu Buhari yesterday admitted that Nigeria relied on crude oil for too long as a single source of revenue, stressing that such explains why the country is disorganized now that oil prices are down.
Buhari, who disclosed this to a team of members of the British parliament led by a Nigerian-born MP for Newcastle, Hon Chi Onwurah at the State House, Abuja, however assured that his administration will rebuild Nigeria.
Noting that a lot of support is expected from the former colonial masters due to the affinity shared by the two countries, he said: “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.
“We are disorganised 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.”
In her remarks, Onwurah 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.”
The MP added that her team was interested on how the Diaspora can support the economic progress of Nigeria, as well as promotion of trade and diversification of the economy.
