Nigeria’ ll save N3 trillion from reduction in importation if… —FG

THE Federal Government has projected that the country can save as much as N3 trillion if Nigerians could comply with the government’s policy of patronising made in Nigeria goods by reducing importation by at least 10.8 per cent.

Government also said this could subsequently result in massive employment generation of about 4.4 million high quality jobs.

Minister of Science and Technology, Dr Ogbonnaya Onu, made this known in Abuja while inaugurating the National Consultative Committee for Competitiveness in Raw Materials and Products Development in Nigeria.

He said if the government’s strategy was properly implemented, it would bring many benefit to the country, noting that for the very first time in the history of Nigeria, the country would be in a position to achieve a strategic alliance between Nigerian scientists, entrepreneurs/industries and businesses with the resultant production of high-quality and competitive raw materials and products.

He expressed commitment of the current administration to evolve a strong and highly reliable National Quality Infrastructure (NQI) upon which steady development of a demand-driven scientific industrial culture would develop and thrive.

“This will result in an increasing acceptability of Made-in-Nigeria (MIN) products and services both locally and internationally. As this happens, we will gradually achieve a tremendous curtailment in our high propensity to consume foreign raw materials and products.

“I am happy that when we achieve this new culture of consumer preferences, it will result in a significant reduction in importation. In the short-term period of five years implementation effort, by reducing importation by 10.8 per cent, we will be able to save as much as N3 trillion.

“The reduction in importation is expected to rise to 31 per cent and later 50 per cent respectively in the mid-term of ten years and long-term of 15 years. I am confident that this will surely boost our foreign exchange earnings and further strengthen our foreign reserves.

“It is important to point out that the ability to boost local content of Nigerian manufacturers and service providers to over 50 per cent in the short-term and about 80 per cent in the long-term will result in massive employment generation of 4.4 million high quality jobs from the 22 project areas”, he added.

The minister, therefore, urged the committee members to ensure effective coordination of projects and programmes in such a way to ensure that agency’s mandate, as it affects the strategy, was effectively implemented.