Buhari blames over-reliance on oil for economic crisis

President Muhammadu Buhari has blamed the over-dependent on oil as a single source of revenue for the present economic crunch experienced in the country.

Buhari made the disclosure while receiving a team of members of the British parliament led by Hon Chi Onwurah, a Nigerian-born MP for Newcastle, at the State House, Abuja, on Tuesday.

He, however, assured Britain that his administration would rebuild Nigeria, adding that he expects a lot of support the former colonial masters due to the affinity shared by the two countries.

“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.

Onwurah said the team was in the country to promote positive engagement between Nigeria and the UK.

She said 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.

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