Fed Govt to Save N3tr on Raw Materials, Says Onu

• Fed Govt to Save N3tr on Raw Materials, Says Onu

The Federal Government would save N3 trillion in foreign exchange on raw materials in five years, the Minister of Science and Technology, Dr. Ogbonnaya Onu, has said.

Dr. Onu, who spoke in Abuja at the First National Consultative Forum for Regulatory Establishment in Nigeria, said the successful implementation of the National Strategy for Competiveness in Raw Materials and Products Development in Nigeria will save the country this amount and yield immense benefits, ensuring irreversible indigenous industrialisation process.

He said the measure will increase higher productivity and enhance value addition, pointing out that the strategy will generate quality employment, alleviate poverty and create prosperity.

According to a statement by the Head of Press and Public Relations, Ministry of Science and Technology, Andulganiyu Aminu, Onu called for collective effort of the stakeholders with commitment through effective collaboration, cooperation and coordination of various complementary roles for the common goal of driving Nigeria to a higher ranking of global competiveness

He said: “My expectation is for our regulatory establishments to apply appropriate conformity assessment measures in ensuring that specific technical requirement of products, services and systems meet intentional standard,” saying “it is important to ensure, at all times, that certification and accreditation are issued after due diligence, based on professional ethics and values.

“This is why regulatory bodies all over world, help nations achieve global competiveness, especially, in building trust for world trade in merchandise and services.”

He stressed the need for effective coordination of all regulatory bodies in Nigeria and ensure that balance is maintained between the needs of both business and the people.

Meanwhile, the Federal Government is proposing a new National Research and Innovation Fund Bill that would provide financial support for innovation and research.

Onu stated this while addressing participants at the North- West sensitization programme on National Science , Technology and Innovation Road Map ( NSTIR) and the Executive Order 5 held in Kaduna over the weekend.

He said the administration is working tirelessly to ensure that Nigeria becomes a knowledge – based economy by the year 2030 in line with the provisions of the the federal government’s Economic Recovery and Growth Plan 2017 -2020 ( ERGP) .

He said the Road Map was crafted with a view to attaining a long- time lifespan to take Nigeria to the Promised Land, adding that the Executive Order 5 would go a long way in promoting both local and foreign investment in the country as well as create employment, while also stimulating the economy.

Onu said: “The Order will also guarantee home- grown capability and capacity to maintain, redesign, reinforce, domesticate and duplicate any infrastructure that is built in Nigeria for self – reliance and development. “

He said with this development, Nigerian innovators and investors in the diaspora, will be encouraged to come home, stating that the era of brain drain was over.