Dr. Ogbonnaya Reveals How FG Plans To Save Nigeria Of Over 3 Trillion Naira In Foreign Exchange
The Federal Government has revealed that it plans to save N3 Trillion in foreign exchange on raw materials in five years.
Dr. Ogbonnaya Onu Minister of Science and Technology, noted that the money will be saved after successful implementation of the National Strategy for Competitiveness in Raw Materials and Products Development in Nigeria.
According to him the successful implementation of this national strategy would yield immense benefits to ensure an irreversible indigenous industrialization process. 
He further said it will increase higher productivity and enhance value addition, adding that it will also generate quality employment, alleviate poverty and create prosperity.
Speaking at the First National Consultative Forum for Regulatory Establishment in Nigeria in Abuja, Onu called for collective efforts from stakeholders.
Head of Press and Public Relations, Ministry of Science and Technology, Andulganiyu Aminu made this known in a statement.
He said, “The Minister of Science and Technology, Dr. Ogbonnaya Onu has said that successful implementation of the National Strategy for Competiveness in Raw Materials and Products Development in Nigeria will save the country over three Trillion Naira (N3trn) in foreign exchange for the short- term period of five years.
“Dr. Onu Said that the successful implementation of this national strategy would yield immense benefits to ensure an irreversible indigenous industrialization process, higher productivity and enhance value addition, adding that it will also generate quality employment, alleviate poverty and create prosperity for the nation.
“He 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
“My expectation is for our regulatory Establishments to apply appropriate conformity assessment measures in ensuring that specific technical requirement of products, services and system meet intentional standard. It is important to ensure, at all times, that certification and accreditation are issued after due diligence, based on professional ethics and values”. He added.
He also explained that “this is why regulatory bodies, all over world, help nations achieve global competiveness, especially, in building trust for world trade in merchandise and services”
Dr Onu stressed the need to effectively coordinate all regulatory bodies in Nigeria and ensure that balance is maintained between the needs of both business and the people.”
The Federal Government is proposing a new National Research and Innovation Fund Bill that would provide financial support for innovation and research.
Dr Ogbonnaya Onu disclosed 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 Economic Recovery and Growth Plan 2017 -2020 ( ERGP) of the federal government.
According to the Minister, the National Science Technology and Innovation Road Map was crafted with a view for a long- time lifespan to take Nigeria to the Promised Land.
Dr Onu further said 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.
“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 added.
With this, Dr Onu explained, Nigerian innovators and investors in Diaspora would be encouraged to come home, adding that the era of brain drain was over.
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