Raw materials policy to boost economy – Minister

The National Competitiveness in Raw Material and Products Development policy is to make Nigeria to be selfsufficient and less reliant on other nations, the Minister of Science and Technology, Dr. Ogbonnaya Onu has said.

Dr Onu disclosed this while presenting the keynote address at the meeting of National Consultative Committee on Competitiveness (NCCC) in Abuja yesterday. Dr Onu decried the situation in which Nigeria spent over N43trillion on the importation of raw materials in the past seven years, adding that “effort is being made to ensure that we don’t depend entirely on other people to meet our basic needs”. He lamented that a great nation like Nigeria was importing raw materials and not adding value to our exportable raw materials in line with international best practices, adding that this had affected job creation and depreciated our currency.

According to him, if the policy is vigorously pursued, Nigeria will save N3.6 trillion in five years of its implementation. The policy, he added, will give more opportunity to Nigerians on the job value chain, redirect the nation’s economy and make us to be self-reliant. Dr. Onu enjoined the committee to ensure successful implementation of the programme.

Earlier, the Chairman of the Committee, Sir Henry Eteama said the committee was carrying its assignment with deep attention to facts and figures in line with international best practices.