The President, Major General Muhammadu Buhari (retd.), has said that the sudden crash in crude oil price by 45 per cent heightens the need for Nigeria to promote growth in other sectors of its economy.
Buhari stated that the development, occasioned by the outbreak of coronavirus, would seriously affect the ability of the Federal Government to deliver planned infrastructure, especially with the impact on oil revenue.
The President spoke on Wednesday night at the Presidential Villa during a dinner he hosted for participants of the “Going for Growth 2.0 Roundtable.”
The round-table session, which was held earlier same day, was organised by the Central Bank of Nigeria in collaboration with the private sector to discuss challenges of the Nigerian economy and proffer solutions.
Buhari said, “The onset of the coronavirus in December 2019, which has spread to over 100 countries, is having a significant impact on global growth, as well as commodity prices such as crude oil, which has dropped by over 45 per cent since January 2020.
“These external challenges have only served to reinforce the importance of ensuring that Nigeria is self-sufficient in the production of strategic goods.
“They have also highlighted the fact that we need to continue to implement measures that would enable growth in other sectors of our economy and reduce our dependence on earnings from crude oil.
“For these objectives to be achieved, the vital role of the Nigerian private sector cannot be disputed or overemphasised.”
The President stated that his administration had long taken the diversification of the economy as a policy it must implement as a long-term solution to crude oil market volatility.
Source: Punch Newspaper
