Nigerian leader vows to boost local production for economic advancement

Nigerian president Muhammadu Buhari on Monday vowed to boost local production of goods to fast-track the development of the economy.

Buhari, while speaking at the opening of the 22nd annual Nigerian Economic Summit, said by boosting local production of goods in the country, most sectors of the economy will be strengthened.

"We need to diversify the economy so that we will never again have to rely on one commodity to survive as a country ... and create the right environment for our young people to be able to innovate and create jobs through technology," he said.

Buhari said his commitment to diversification of the economy was never wavered amid hard times in the West African country, and called on stakeholders to support his vision.

According to him, the only clear way toward building the right economic foundation for Nigeria was by boosting made-in-Nigeria goods.

"My greatest desire is that Nigeria moves from import dependence to self-sufficiency in local production and becomes an export-led economy in goods and services," the president added.

He said the government would also continue to follow the path of infrastructural development to pursue its aim.

He expressed hope that the three-day summit would provide the right opportunity for experts to "make useful and realistic recommendations that would provide solutions to the socio-economic challenges facing the country." Endit