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Osinbajo: Nigeria moving economy away from dependence on oil

Nigeria’s Vice President, Prof.  Yemi Osinbajo has said the country is in the process of moving its economy away from dependence on oil.

Spokesman to the VP, Laolu Akande, in a statement, said that the vice president stated this while receiving a delegation from Nicaragua on Tuesday at the Presidential Villa, Abuja.

Osinbajo received the Nicaraguan Minister of Foreign Affairs, Denis Colindres, and the Nicaraguan Minister for Special Delegation of the President for Africa, Middle East and Arab, Mohamed Lashtar.

The vice president also received on behalf of President Muhammadu Buhari, a special message from the President of Nicaragua, Daniel Ortega.

He said that emphasis was on sectors such as agriculture, mining, solid minerals and manufacturing.

Osinbajo said that Nigeria and the Republic of Nicaragua shared the same view on the need to strengthen existing bilateral relations and expand economic ties.

The vice president said that both countries should explore all areas of cooperation for improved relations.

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“We are in the process of diversifying our economy from dependence on oil.

“Now, we are diversifying into different fields; agriculture, agribusiness, mining, solid minerals, manufacturing, technology and innovation.

“We are also interested in expanding our own reach in terms of trade and exports, especially the export of processed agricultural products.

“We are also diversifying our power sources, and developing our capacity in renewable energy.

“Recently, we commissioned, in Kano State, the largest solar hybrid power plant in Africa,” he said.

Osinbajo added that building an inclusive society was one of the core pillars of the Buhari administration.

In his remarks, Colindres requested that both countries should collaborate on the supply of Nigeria’s crude oil to Nicaragua.

He also sought the support of Nigeria for Nicaragua in its request for observer status at the African Union (AU).

“We have already presented a draft cooperation agreement between Nigeria and Nicaragua,” Colindres said.


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