President Muhammadu Buhari has said that Nigeria is currently paying a harsh price for failing to diversify her economy early enough.
President Buhari stated that the country had regrettably depended too much on crude oil exports to the neglect of other resources.
Presidential spokesman, Mr Femi Adesina, quoted Buhari as saying this in Riyadh late Tuesday night at a meeting with leading members of the Council of Saudi Arabia's Chambers of Commerce and Industry.
The president said his administration would urgently develop agriculture and solid minerals sectors to save Nigeria from the harsh effects of lower crude oil prices.
He reiterated his government's commitment to increasing the productivity of Nigeria's agriculture and solid minerals sectors to save the nation from the effects of the decline in oil prices.
According to the president, with declining revenues from crude oil exports, Nigeria's hopes of economic resurgence now lie in the rapid development of her immense agricultural and solid mineral resources.
The president, who invited Saudi Arabian businessmen to invest in both sectors, said that his administration would welcome greater foreign investment in support of its efforts towards rapidly diversifying the Nigerian economy.
The presidential spokesman also said the governors of Osun; Ogun; Katsina; Borno; and Zamfara states, who were part of Buhari's delegation, took turns to address the Saudi Arabian businessmen on investment possibilities in their states, assuring them of good returns.
He quoted the chairman of the Council of the Saudi Arabian Chambers of Commerce and Industry, Dr Abdulrahman Al Zamil, as saying that agriculture was a very important area of investment for its members already in Brazil, the United States of America and Sudan where they have huge farms.