Nigeria to save N3trn from local content usage – Onu

The Minister of Science and Technology, Dr Ogbonnaya Onu, says the present administration will ensure that Nigeria saves up to N3 trillion through the adoption and usage of local contents within the next five years.

Onu said this at the commissioning of N500 million data centre for the Nigerian Stock Exchange on Monday in Lagos.

He said that the target could be achieved if the country could rely less on imported raw materials for manufacturing and productions.

According to him, government has already passed three major initiatives through the Federal Executives Council which focuses on the implementation of the science, technology and innovation roadmap for 2017 to 2020.

Onu said that the initiative could take a longer period but had decided to take up the three years medium- term to ensure that the roadmap was implemented with the life span of the present administration.

The minister said that the second initiative was the national strategy to promote competitiveness on the use of raw material by Nigerian companies.

He disclosed that the Federal Government had inaugurated committee to ensure the implementation of the strategy.

Onu said that the committee was made up of all Ministries, Agencies and Departments and the organised private sector with two persons representing each of the organisations.

He noted that they were expected to come up with the guidelines for the designing, procurement and development among others for the exercise.

He said the strategy should help discourage large importation of raw materials into the country.

He stressed that the strategy would also help Nigerians to understudy the foreign counterparts and acquire expertise with the belief that later local companies would compete favourably.