FG harps on increased domestic production to strengthen naira

Foreign exchange

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

Nnaji stated this at a news conference on the readiness for the 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 will appreciate when the country starts producing rather than importing, adding that citizens will benefit from a more productive economy.

“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.

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.

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

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.

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)

Leave a Reply

Your email address will not be published. Required fields are marked *

Previous Post

NGX Group announces key Board changes across subsidiaries

Next Post

Breast cancer, leading cause of death in Nigeria among women — BRECAN

Related Posts