FG targets N3.8 trillion savings from import reduction in five years

THE Federal Government has disclosed that the country is capable of saving about N3.8 trillion from 10.8 per cent overall imports reduction in a period of five years.

Minister of Science and Technology, Dr Ogbonnaya Onu, who stated this during a lecture at the National Defence College, Abuja, with the theme: “Science, Technology and Youth Development,” said additional over four million jobs could be created through the strategy which he described as unique and revolutionary.

He said the national strategy for competitiveness in raw materials and products development in Nigeria was a ‘child of necessity’ that was conceived at a period when the national economy was traumatised and eventually went into recession.

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

ALSO READ: Buhari absent at Jonathan’s book launch

He said the strategy targeted mobilisation of the abundant potential of Nigeria in order to attain higher global competitiveness ranking.

Dr Onu said successful implementation of the strategy would result in an irreversible industrial revolution within a short period of five years.

He said:  “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 recognise 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.”