Nigeria saves N3tr from importation reduction

From Grace Obike, Abuja

The Federal Government said  in the last five years, it has saved about N3 trillion from the reduction in importation.

The government is set to massively generate 4.4 million quality jobs from boosting local content by developing the non-oil sector through diversification of the economy which will guarantee industrial and food security.

Minister of State for Science and Technology, Mohammed Abdullahi who made the revelation said that from the resultant refocusing of (Research and Development) R&D/academic institutions, evolving curricular in Nigerian tetioary institutions will steadily produce graduates of practical relevance to industries and businesses.

Abdullahi spoke on Thursday in Abuja while inaugurating sub-committees under the National consultative committee on competitiveness.

He said the government is hopeful that in the short term, the various sub-committees will take advantage of the boarder closure by the Federal Government and access its positive socio-economic impact on the production and utilization of local raw materials.

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He said: “In line with Mr President Muhammadu Buhari’s desire to uplift about 100 million Nigerians out of poverty and provide employment to our teaming youths, this sector ensures significant reduction in raw materials and products importation by about 11% to the tune of N3 trillion in ‘the shortterm (5 years), 31% and 49% in the mid-term (10years) and longterm (15 years), respectively; thus ushering a new culture of consumer preferences; massive generation of 4.4 million quality jobs from boosting local content scale of Nigerian manufacturers to cover 50% in the shortterm and about 80% in the long-run; and developing the non-oil sector through diversification of the economy which will guarantee industrial and food security, poverty reduction and substantial decline in “poverty associated crimes and other vices.

“From the resultant refocusing of R&D/academic institutions, evolving curricular in Nigerian tertiary institutions will steadily produce graduates of practical relevance to industries and businesses and by extension, to the needs of the economy and society.

“It is hopeful that in the Short Term, these various Sub-Committees will take advantage of the Border closure by the Federal Government of Nigeria and assess its positive Socio-economic impact on the production and utilisation of raw materials for local industries.”