Nigeria’s President Muhammadu Buhari
The President said this at the 22nd Nigeria Economic Summit in Abuja themed: Made-in-Nigeria.
Buhari while declaring the summit open said there was a need to encourage made in Nigeria goods as it’s the only way to steer the country out of the current economic recession.
He also said this would help break the country’s reliance on oil produce to fund its economy as it will encourage production in different sector and self reliance.
“We need to diversify the economy so that we never again have to rely on one commodity to survive as a country, so that we can produce the food we eat, make our own textiles, produce most of the things we use and create the right environment for our young people to be able to innovate and create jobs through technology.”
Also speaking at the event was a member of the Monetary Policy Committee Doyin Salami.
Salami said the country must encourage made in Nigeria goods in order to boost the confidence of investors.
Nigeria is currently in a recession after official Data from the country’s bureau of statistic showed that its gross domestic product (GDP) contracted by 2.06 percent in the second quarter, sending Africa’s biggest economy into a recession after a decline in the first quarter.
President Muhammadu Buhari has repeated his government’s focus is on diversifying the economy to promote exports and grow jobs.
He also aims to increase capital investment in the economy through the fiscal budgetary process to drive growth.
Nigeria was last in a recession, for less than a year, in 1991, and experienced a prolonged one that started in 1982 and last until 1984.
The government has so far disbursed more than 700 billion naira in capital expenditure this year, part of a record 6.06 trillion naira ($30 billion) budget for 2016.
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