Mozambique is learning the lessons of cheap oil – Nyusi in Germany

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Mozambique is learning the lessons of cheap oil – Nyusi in Germany

6:55 CAT | 21 Apr 2016

President of Mozambique Filipe Nyusi said yesterday that the country was learning the hard lessons of commodity price decline and needed more diversification to achieve the necessary structural transformation of the economy.

“The country is learning hard lessons from the fall in the price of raw materials, and needs to diversify and make a structural transformation of the economy, taking advantage of the potential Mozambique offers in agriculture, energy resources, tourism, infrastructure, industry, and communications, among others fields,” he said.

Speaking in Berlin to an audience of about 50 German businesspeople at a Mozambique-Germany Business Forum, President Nyusi said: “Mozambique’s economy is strongly anchored in the agricultural sector, which contributes about 25 percent of gross domestic product and employs more 70 percent of the Mozambican population. Modernizing agriculture, producing more food of higher quality, providing

Source: Lusa