No fewer than 4.2 million jobs would be created by the Federal Government of Nigeria, should the Raw Materials Development Plan get proper implementation. This was disclosed by the Minister of Science and Technology, Dr. Ogbonnaya Onu.
While speaking at the 1st Competitiveness Consultative Forum for Regulatory Establishments in Abuja, Onu pointed out that a successful implementation of the National Strategy for Raw Materials and Products Development would lead to 10.8 percent import reductions of goods, thereby saving the country over N3 trillion in foreign exchange for a short time of five years.
“Specifically, a successful implementation of this strategy would yield about 4.2 million quality and decent jobs, 10.8 percent import reductions of goods, thereby saving the country over Three Trillion Naira in foreign exchange for the short-term period of five years.”
How FG tend to create 4.2 million jobs
The National Strategy for Raw Materials and Products Development plan was approved by the Federal Executive Council (FEC) in May 2017.
The scheme was approved to drastically reduce raw materials imports and develop local industries. It is one of the novel programmes initiated by the Ministry of Science and Techonology effectively utilise science, technology, and innovation in the country’s development process.
It is designed as a roadmap that will enable the country to attain sustainable socio-economic growth and development.
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The adoption of science, technology, and innovation in industries and businesses is expected to result in high-quality made-in-Nigeria products that attract higher demand patronage.
Local and international confidence in Made-in-Nigeria products and services will be boosted as a result of the programme.
The unique feature of the home-grown national strategy includes the corresponding charting, mapping and linking of several research, development institutions, industries and Businesses and Ministries, Departments & Agencies (MDAs) in line with prioritised and sequenced projects of intervention along stratified United Nations Standard International Trade Classification (SITC) scheme.