For stakeholders to tackle challenges in the industrial sector, they should promote reverse engineering, Managing Director, Bank of Industry (BoI), Rasheed Olaoluwa, has said.
He spoke during a visit by some management staff of the Nigerian Academy of Engineering to BoI’s office in Lagos.
According to Olaoluwa, over-dependence on technology transfer or importation of industrial machines will further limit the country’s potential of developing local competencies and industrialisation.
He urged professionals to take a cue from China in reverse engineering technology to meet technological demands that would further address growing needs in the real sector.
Earlier, Olaoluwa said while many developed countries were adopting smart manufacturing models, their Nigerian counterparts were using old equipment, which hamper the competitiveness of indigenous goods.
This, according to him, is a challenge that should be addressed as quickly.
He stressed that no country would develop technology and give it away, urging Nigerian engineers, scientists and technologists to adopt reverse engineering.
“BoI has been structured to support commodity-based industrialisation by encouraging value-addition of exploited raw materials. Last year, we visited quite a number of institutes with a view to encouraging technological innovation. We are already in the process of advancing linkages.
“We will look at collaboration with the academy. We are passionate about technology because of its relationship with industrialisation and the belief that innovation should be explored to address societal needs.”
He said technology transfer is low in the country,adding that research and development should be encouraged to support the growth of local technology.
“BoI has engaged with top research institutes, such as FIIRO, PRODA to link them to our industries. We may not be cutting edge but we have the basics; if our hundreds of researchers are encouraged, we have a good base we can build on,” he said.
President, Nigerian Academy of Engineering, Prof. Raifu Salawu, sought collaboration between the bank and the academy in making Nigeria’s industrialisation a reality, adding that the academy was ready to assist the nation through innovative solutions and experience in achieving the objective.
“The academy through its members has intervened in various development exercises and phases in the nation.
“Today, we are renewing our commitment to the nation’s industrialisation efforts by seeking a partnership with the Bank of Industry by offering our services and experience as professionals and intellectuals in ensuring that researches are end-use oriented while facilitating interaction between the academy and industry,’’ he added.
