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Minister of Science and Technology, Dr. Ogbonnaya Onu has revealed that Nigeria spent N43 Trillion on the importation of raw materials in the last seven years.


The Minister made this revelation while speaking at a meeting with the National Consultative Committee on Competitiveness (NCCC) in Abuja, Tuesday.


Onu said he was disappointed at how much Nigeria depended on importation adding that this has affected job availability and diminished the value of the Nigerian currency, he, therefore, urged the committee to work hard and see to the implementation of the policy.


According to him, this policy would create job opportunities for Nigerians, provide a boost to the economy and also expected to lower the bill by N3.6 Trillion over the next five years.


Responding to the Minister,  Chairman of the Committee, Sir Henry Eteama, said that the Committee would perform its duties in line with international best practices. He also said that the Committee had observed that the results gotten from Research and Development  Departments of institutions of higher learning were not fully utilized by the private sector.


The Raw Material and Products Development policy was approved by The Federal Executive Council (FEC) in 2017 as a  national strategy for promoting competitiveness in raw materials and products development in Nigeria.

14th December 2018