Nigeria remains committed to economic diversification in 2016 – Buhari

President Muhammadu Buhari on Tuesday said the country would remain committed to economic diversification through import substitution and export promotion.

Buhari said this when he presented the 2016 fiscal year of N6.08 trillion to a joint session of the National Assembly in Abuja.

“We believe that this budget, while helping industry, commerce and investment to pick up, will as a matter of urgency, address the immediate problems of youth unemployment.

“It will also address the terrible living conditions of the extremely poor and vulnerable Nigerians.

“We remain committed to economic diversification through import substitution and export promotion. This will build resilience in our economy.

“It will guarantee that the problems we have today will not confront our children and their children. This shall be our legacy for generations to come,’’ he said.

Buhari said the Federal Government would continue to implement strategies that would maintain macroeconomic stability and manage the oil price shocks the country was experiencing.

He said the Federal Government would partner with state and local governments to provide financial training and loans to market women, traders and artisans, through their cooperative societies.

“We believe that this segment of our society is not only critical to our plan for growing small businesses, but it is an important platform to create jobs and provide opportunities for entrepreneurs.’’

The president explained that the country was open to business, adding that all Nigerians’ interest must first be protected.

“We are carefully assessing our exchange rate regime keeping in mind our willingness to attract foreign investors.

“But at the same time, managing and controlling inflation to level that will not harm the average Nigerians.

“The status quo cannot continue. The rent seeking will stop. The artificial current demand will end.

“Our monetary, fiscal and social development policies are aligned,’’ he said