Home Business FG to save N3trn from localisation of raw materials, others — Onu

FG to save N3trn from localisation of raw materials, others — Onu


By Nkiruka Nnorom

THE Minister of Science and Technology, Mr. Ogbonnaya Onu, has said that the country will save as much as N3 trillion from local sourcing of raw materials and production of various other items that were hitherto imported into the country.


From left: Oscar N. Onyema, OON, Chief Executive Officer, The Nigerian Stock Exchange (NSE); Ade Bajomo, Executive Director, Market Operations and Technology, NSE; Minister of Science and Technology, Dr. Ogbonnaya Onu; Chief Patrick Ezeagu, Chairman, Association of Stockbroking Houses of Nigeria (ASHON) and Engr. Mohammed Daggash, National Council Member, NSE at the commissioning of The NSE Data Centre at the Exchange.

Onu who spoke, yesterday, at the commissioning of a N500 million tier three data centre by the Nigerian Stock Exchange, NSE, in Lagos, noted that the ministry has set plans in motion to help accomplish the set objective.

He said the ministry has inaugurated a consultative committee involving all Ministries, Departments and Agencies, MDAs, as well as other organised private sector that has something to do with  raw material procurement and development to drive the implementation of the project, adding that the ministry was also developing a policy guideline for the design and execution of projects and contracts with science, engineering and technology components.

Onu said: “You know that we have large items that are being imported into the country. We are now recommending that those things should be manufactured locally because that is the only way we can grow our economy and grow enough jobs for our people and make sure that there is national self reliant.” He emphasised the need for the development of local capacity by indigenous firms to undertake projects that were originally executed by foreigners, saying that henceforth, any professional coming into the country should be certified by their appropriate certification organisations or bodies in Nigeria before they could be qualified to practice.

He encouraged the NSE to make sure that more technology firms that could help to develop the small and medium scale enterprises are listed in the market, saying that these are areas of possible growth.

Also speaking at the event, Oscar Onyema, Chief Executive Officer, NSE, said the data centre is ranked to tier three and one of the best standards and has placed the Exchange on the cutting edge in Africa.



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