Importation reduction will save Nigeria ₦3 trillion
The Federal Government, yesterday, assured that the nation would save as much as ₦3 trillion if importation of manufactured goods is reduced by 10.8 per cent over five years.
Minister of Science and Technology, Dr. Ogbonnaya Onu, stated this at the inauguration of the National Consultative Committee for Competitiveness in Raw Materials and Products Development in Nigeria.
He pointed out that the ability to boost local content of Nigerian manufacturers and service providers by over 50 per cent in the short-term and about 80 per cent in the long-term will result to the generation of 4.4 million high quality jobs.
“Successful commercialisation of Research and Development (R&D) breakthroughs arising from industry-demand driven R&D projects, in addition to appropriate changes to the curriculum in tertiary institutions, will steadily produce graduates of practical relevance to the needs of both the economy and society,” Onu stated.
While inaugurating the committee, the Minister urged members to ensure effective coordination of projects and programmes to ensure that their agencies’ mandates regarding the strategy are effectively implemented.
In his remarks, Director General of the Raw Materials Research and Development Council (RMRDC), Hussaini Ibrahim, stated that the National Strategy on Competitiveness in Raw Materials and Products Development recently approved for implementation by the Federal Executive Council (FEC), had made it imperative to introduce measures and implement strategies that will help stabilise and bolster the economy for orderly recovery and sustainable growth.
He noted that effective coordination of linkages between researchers and entrepreneurs and industries was critical not only towards improved productivity but also for national objectives set by competitiveness strategy.
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