President Muhammadu Buhari says Nigeria’s practical key out of economic recession still lies in monies made from the country’s oil and gas sector. Speaking at the launch of the ministry of petroleum #7BigWins initiative in Abuja on Thursday, Buhari said oil proceeds are needed to lay a solid foundation for a diversified economy.“The Petroleum industry remains critical to the Nigerian economy of today and the future, despite our current challenges,” Buhari said.“The golden era of high oil prices may not be here now, but Oil and Gas resources still remain the most immediate and practical keys out of our present economic crisis.“Oil and Gas still remain a critical enabler for the successful implementation of our budget as well as the source of funds for laying a strong foundation for a new and more diversified economy.”He said “as important as it is to ensure that Agriculture, Solid minerals and other critical sectors of the economy are,” the country still needs “a virile and efficient oil & gas industry to take care of our foreign exchange requirements”.“This Roadmap reflects the vision and aspiration of this Administration for this sector and I urge you all to deliver on the expectations contained in the Petroleum Industry Roadmap. This is a national imperative and a core thrust of our economic policy.”
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