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Foreign exchange on raw materials to yield N3tr – Onu

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Samuel Bello, Abuja

The Federal Government said that with the successful implementation of the National Strategy for Competitiveness in Raw Materials and Products Development in the country, it would save N3 trillion in a period of five years.

Minister of Science and Technology, Ogbonnaya Onu, stated this at the First National Consultantive forum for regulatory establishment in Nigeria, held in Abuja.

Onu said that the forum strategy would yield immense benefits that ensures an irreversible indigenous industrialisation process, higher productivity and enhance value addition.

The minister also said it would increase higher productivity, enhance value addition, generate quality employment, alleviate poverty and create prosperity.

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In a statement released by the Head of Press and Public Relationsin the ministry, Abdulganiyu Aminu said, “The Minister called for collective efforts from 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 competitiveness.

The statement quoted the minister as saying, “My expectation is for our regulatory establishment 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.

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

Onu stressed the need to effectively coordinate all regulatory bodies in the country and ensure that balance is maintained between the needs of both businesses and the people.

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

He maintained that the present administration is working tirelessly to ensure 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.

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“National Science Technology and Innovation Road Map was crafted with a view for a long- time lifespan to take Nigeria to the Promised Land and 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.

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