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Nigeria diversifies its economy through agriculture, mining and manufacturing

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Nigeria is well into the process of diversifying its economy with emphasis on agriculture, mining, solid minerals and manufacturing.

The Vice President of Nigeria, Yemi Osinbajo, said on Tuesday, 5 November 2019, when he received the Nicaraguan Minister of Foreign Affairs, Denis Moncada Colindres, and the Nicaraguan Minister for Special Delegation of the President for Africa, Middle East and Arab, Mohamed Farrara Lashtar.

Receiving a special message from the President of Nicaragua, Daniel Ortega, on behalf of President Muhammadu Buhari from the dignitaries, Osinbajo noted that Nigeria and Nicaragua share the same view on the need to strengthen existing bilateral relations and expand economic ties.

Noting the efforts of the Nicaraguan President on the country’s economy, the Vice President stated that the Federal Government of Nigeria regards its relations with Nicaragua as valuable.

Osinbajo noted that both countries should explore all areas of cooperation for improved relations.

“We (Nigeria) are in the process of diversifying our economy from dependence on oil. Now we are diversifying into different fields; agriculture, agri-business, 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.

He added that building an inclusive egalitarian society is one of the core pillars of the Buhari administration.

In his remarks, Colindres requested both countries to collaborate on the supply of Nigeria’s crude oil to Nicaragua, while also seeking the support of Nigeria for Nicaragua in its request for an observer status at the African Union (AU).

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