President Muhammadu Buhari, Friday in Guangzhou, China, said that his administration will take urgent steps to restructure Nigeria’s economy by encouraging new investments in mining, agricultural and manufacturing.
Speaking at a reception in his honour by the Communist Party of China, President Buhari said that Nigeria will welcome the support of the Chinese government, foreign investors and local businesses for efforts to diversify the nation’s economy.
The President noted that the diversification of the Nigerian economy was long overdue as continued reliance on crude oil exports had always made the economy vulnerable to shocks.
“This time we will be more deliberate. The government and businesses will be involved,” President Buhari said.
In his remarks, the Secretary of the Communist Party, who is also the Governor of the Guangdong Province, Mr. Hu Chinhua, pledged that the region will support the implementation of all the bilateral agreements reached with the Chinese government during President Buhari’s visit.
President Buhari also visited the Sino-Singapore Knowledge City in Guangzhou, which showcases advancements by China in medical, science and technological inventions.