Buhari promises economic diversification in 2016 budget
I think there may be a slight mistake. President Muhammadu Buhari did not promise economic diversification in the 2016 budget. In fact, the 2016 budget was presented to the National Assembly on December 17, 2015, and it focused on reducing the country's dependence on oil revenue and promoting economic growth through various sectors, including agriculture, manufacturing, and infrastructure development.
However, President Buhari has consistently emphasized the need for economic diversification in his speeches and policy statements. In his inaugural address on May 29, 2015, he stated that his administration would focus on diversifying the economy to reduce its reliance on oil and promote sustainable growth.
In his 2016 budget speech, President Buhari emphasized the need to diversify the economy and reduce the country's dependence on oil revenue. He stated that the budget would prioritize investments in agriculture, manufacturing, and infrastructure development to achieve this goal.
Some of the key initiatives aimed at promoting economic diversification in the 2016 budget included:
- Increased allocation to the agricultural sector to promote food security and reduce reliance on imported food.
- Investment in infrastructure development, including roads, railways, and ports, to improve the efficiency of the transportation sector and promote trade.
- Support for small and medium-scale enterprises (SMEs) to promote entrepreneurship and job creation.
- Investment in human capital development, including education and healthcare, to improve the skills and productivity of the workforce.
Overall, while President Buhari did not specifically promise economic diversification in the 2016 budget, his administration has consistently emphasized the need for economic diversification and has implemented various initiatives to achieve this goal.