Buhari reveals why he’s focused on diversification of economy – Buhari

President Muhammadu Buhari on Friday in Monrovia, Liberia ,  revealed that the reason his administration instituted policies aimed at diversifying the economy is solely to save the Nigerian economy and prevent its mono-product dependence.

” Our government had to adopt appropriate measures including diversification and reforms to address such underlying causes exemplified by our continued dependence on a single-commodity, crude oil, lack of fiscal buffers, leakages, corruption and high governance costs, he said in his goodwill message on Friday in Monrovia, where he graced the occasion of the 172nd Independence Anniversary of the West African nation.

“Furthermore, in our efforts to stimulate the economy, our government initiated bold policy interventions that are beginning to yield positive results.”

President Buhari added that the Economic and Recovery Growth Plan launched by his administration in 2017 is creating  the enabling environment for growth, security and economic revival.

President Buhari was honoured at the occasion with Liberia’s highest award, the “Most Venerable Order of the Knighthood of the Pioneers of the Republic of Liberia with Grade of the Knight Grand Cordon”, said he accepted it on behalf of all Nigerians and as a tribute to all our country men who paid the supreme price in aid of Liberia’s unity and stability.

He  thanked the people of Liberia for the award  and expressed his resolve to continue to strengthen cooperation within the sub region:

“This gesture can only strengthen my resolve to rededicate myself to the service of my country, work for the prosperity of our people in the sub-region.”

The President encouraged his Liberian counterpart to take decisive actions to further stimulate the economy of the country: “Mr. President, Liberia under your leadership may wish to learn from our experience by taking courageous steps to diversify its economic base by developing the productive sector that would complement earnings from rubber, iron ore and the increasingly dwindling funds from Development Partners.