Thursday, 8 September 2016

FG Ready To Offer Incentives To Foreign Investors Willing To Manufacture Products In Nigeria. cc @DrJoeAbah

As Nigeria battles with the harsh realities of the economic recession, the Federal Government has expressed its readiness to offer incentives to foreign investors through a Technology Transfer Promotion Initiative (TTPI), to manufacture their products in Nigeria. 

Minister of Science and Technology, Dr Ogbonnaya Onu, made this known while delivering a lecture on ‘The Role of Science and Technology in National Development’ at the Armed Forces Command and staff college, Jaji in Kaduna State.

According to him, the initiative would support the Organised Private Sector (OPC) produce and manufacture locally, all goods and products imported from abroad in large quantities, year after year.

He said: “Through this important programme, investors who want to manufacture goods in Nigeria and also are willing to transfer their technology to Nigerians will be encouraged with a basket of incentives made available by the Federal Ministry of Science and Technology working with other Ministries, Departments and Agencies of the Federal Government.

“The time has come for us as a nation to look inwards. We must work to be self-reliant. We can no
longer depend on other countries to meet our basic needs. Since we did so in the past, today we are paying dearly for it, the result of which is very unpleasant.

“The position that we now find ourselves as a nation is precarious We do not have the luxury of time, we must act immediately.

“Today we are in an economic recession. Though this has introduced a lot of hardship for all Nigerians but at the same time, it provides for us an opportunity to start doing things differently for the good of all.

“We need to move away from a resource-based economy to a knowledge based, innovation driven economy that will make us diversify our economy in a sustainable manner and also be competitive in the global economic arena.

“We will need the efficient and effective deployment of science, technology and innovation to achieve this so that never and never shall our country feel the effect of the shock in the sharp decline in commodity prices as we now feel it.

“She must not only nurture indigenous technology but also create new technology, thereby strengthening economic growth, promote self-reliance and self-esteem as well as further strengthen our competitiveness in the global arena which we need to diversify our economy in a sustainable manner” the minister added.

Onu further stressed that the use of Nigerian made products would help improve the nation’s economy. Our armed forces, noted for their gallantry and patriotism, should be ready to use made in Nigeria goods 20 and services.

“This will not only help grow our economy, improve productivity and competitiveness, create wealth for our people, help reduce poverty and create jobs but it will help the military to aim to be oneof the very best in the world.

 “It is very important for us never to forget that hardly can any nation give to another its best weapons and military equipment. Whatever any nation can sell to us, it must be clear in our minds that such nations have ways they can render such weapon systems ineffective in case conflicts arise involving us that are against their national interest,” the minister added. (The Nation)

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