March 19, 2019
Business News

‘How reduction on importation can save over N3.5trn for Nigeria in 5 years’

The Federal Government is capable of saving nothing less than N3.6 trillion from 10.8 per cent of overall imports reduction in a period of 5 years, Minister of Science and Technology, Ogbonnaya Onu has said.

The minister, who stated this during a lecture with the theme “Science, Technology and Youth Development”, at the National Defence College, Abuja noted that the national strategy for competitiveness in raw materials and products development in Nigeria is a ‘child of necessity’, stressing that the idea was conceived at a period when the national economy was traumatized and eventually went into recession.

According to him, the strategy was designed to provide a permanent strategic framework to help the country overcome the burden of a mono-product economy, that is highly dependent on oil and gas, of which the country unfortunately has no control over their price in the global market.

“The strategy targeted mobilizing the abundant potentials of Nigeria in order to attain higher global competitiveness ranking.

“The strategy implementation is therefore targeted at enhancing national capacity to produce globally acceptable quality raw materials, products and services as a way to achieve self-reliance,” he said.

He added that the successful implementation of the strategy will result in an irreversible industrial revolution within a short period of five years.

“The improved curriculum of our tertiary institutions arising from the strategic alliance with industries will enhance the employment opportunities of our graduates, thereby reducing drastically graduate unemployment.

“The National Strategy for Competitiveness and the current federal government economic recovery growth plan (ERGP) 2017-2020 recognize the need to leverage on science, technology and innovation (STI) to drive competitiveness and build a knowledge-based economy. We in the STI sector are working very hard to make this happen,” he said.

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