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March 3, 2024
You are currently viewing FG harps on increased domestic production to strengthen naira
The Minister of Innovation, Science and Technology, Chief Uche Nnaji,

FG harps on increased domestic production to strengthen naira

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By Sylvester Thompson

Chief Uche Nnaji, Minister of Innovation, Science and Technology, on Friday said Nigeria must increase production to strengthen the naira and boost the economy.

Nnaji stated this at a news conference on readiness for implementation of Presidential Executive Order N0 5 in Abuja on Friday.

The Presidential Executive Order No. 5 is geared towards achieving self-reliance, self-sufficiency through local content development.

He said the value of the naira would appreciate when the country started producing rather than importing, adding citizens would benefit from a more producing economy.

Local factory

“If we have made in Nigeria products, we can no longer import and the stress on the naira will reduce.

“When we stop importation of goods and products, we can easily produce here, the value of our currency will appreciate.

“That’s part of the advantage that comes with Presidential Executive Order No 5,’’ the minister said.

Local factory

Nnaji noted that through his ministry, President Bola Tinubu would create a conducive environment to support the innovative spirit of Nigerian youths and entrepreneurs.

He said: “We see it as a pivotal moment in our nation’s history that will propel Nigeria to new heights of innovation and technological advancement.

The minister said that the Executive Order 5 would address challenges by providing support for made-in-Nigeria goods and services.

” The order will develop home-grown capability and the capacity to maintain, redesign, reproduce, rededicate and duplicate any infrastructure built in Nigeria for self-reliance and development.

“The Order also seeks to closely monitor and promote the capacity of Nigerian professionals and contractors in science, engineering and technological progress to compete with their counterparts globally,” Nnaji said.

Indigenous factory

He added that full implementation of the order would bolster the economy, create jobs, reduce poverty and usher in a brighter future for Nigeria.

The minister said the ministry was currently developing a national strategy for competitiveness in raw materials and product development.

He said it was also formulating national policies on leather and leather products, welding and welding related fields, among others.(NAN)

Edited by Nabilu Balarabe/Idris Abdulrahman

 

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