President Muhammadu Buhari on Tuesday, said the diversification of the economy through agriculture and solid minerals mining is the way to eradicate poverty in the country.
Buhari made the assertion while speaking in Kebbi state at the official launch of the N40 Billion “Anchor Borrowers’ Programme” (ABP) organized by the Central Bank of Nigeria for rice farmers.
The president observed that the discovery of oil in the country almost completely replaced agricultural productivity instead of complementing it and has now affected the country negatively.
According to Buhari, the dwindling oil prices in the international market has made it pertinent to begin the diversification of the economy.
He said: “Economic diversification is no longer an option for us as a nation. It is the only way to reclaim economic momentum and drive to prosperity. The only way to do this is to develop our agricultural production.”
He also added that the ABP will largely help the nation on her way to a stronger economy and food security.
“In 2014 for example, the total demand for rice in Nigeria was estimated to be about 6.1 million metric tonnes of which 2.6 million metric tonnes was produced locally while the rest was imported.
“Equally, the demand for wheat in Nigeria is now about 5 million metric tonnes, a significant amount of which can be produced locally.”
Hopefully, the President is spot-on on this one.
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