Nigeria can save N3.6trn from 10.8% overall import reduction in 5 years ― FG

THE Federal Government, on Thursday, disclosed that Nigeria was capable of saving about N3.6 trillion from 10.8 per cent overall import reduction in a period of five years.

Minister of Science and Technology, Dr Ogbonnaya Onu, who stated this while during a lecture at the National Defence College, Abuja, with the theme: “Science, Technology and Youth Development,” 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 traumatized 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, that was highly dependent on oil and gas of which Nigeria, unfortunately, has no control over their price in the global market.

According to him, the strategy targeted mobilising the abundant potentials of Nigeria in order to attain higher global competitiveness ranking. The strategy implementation is therefore targeted at enhancing the national capacity to produce globally acceptable quality raw materials, products and services as a way to achieve self-reliance.

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Dr Onu said the successful implementation of the strategy would 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 assured.