The Federal Ministry of Innovation, Science and Technology has reaffirmed its commitment to industrial sovereignty, declaring that the nation’s economic future hinges on adding value to raw materials, manufacturing domestically, and trading finished products globally, moving beyond dependence on crude oil exportation.
The Honourable Minister Federal Ministry of Innovation, Science and Technology, Dr. Kingsley Tochukwu Udeh, SAN, who was represented by the National Coordinator/Chief Executive of the Strategy Implementation Task Office for Presidential Executive Order 5 Engr. (Dr.) Ibiam Oguejiofo made the declaration at the Special Industrial Cluster Investment Programme (SICIP 2.0) with the theme: “Local Content Beyond Oil and Gas” in Abuja.
According to the Minister, industrial doctrine is rooted in three pillars ranging from Presidential Executive Order No.5, the Nigeria First Policy and The Renewed Hope Agenda of President Bola Ahmed Tinubu GCFR.
He said for emerging economies, industrialization is non-negotiable. Nigeria’s future to become a top economy will not be achieved by exporting raw materials but by adding value to them.
Udeh noted that Executive Order No. 5 is positioned as a pivotal tool for transforming the nation’s economy, adding that endorsing the use of Nigerian professionals, manufacturers and firms alongside skills and technology transfer in major projects will divert the country from knowledge to resource base economy.
He highlighted that the Strategy Implementation Task Office for Executive Order 5 expands local content obligations beyond oil and gas to critical sectors such as Engineering, Biotechnology, Mineral beneficiaries, space systems among others. Nigeria no longer negotiates industrial dependency but legislate domestic value creation.
It could be recalled that, the Ministry of Innovation, Science and Technology was established by the Science and Technology Act of 1980 revised Science and Technology and Innovation Policy 2022 as a service Ministry to drive Nigeria’s transition to a knowledge based and innovation-led economy to implement and promote scientific research in the country.
The Minister assured the investors of the Ministry’s readiness of talent pool, large market, policy stability and legal regime that protects domestic value and investment in the country.
Signed
Mrs. Pauline Sule anipr
Head: (Press &PR)
