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Minister Uche Nnaji Urges Nigerians to Embrace Local Goods for Economic Growth
Recently, the Minister of Innovation, Science, and Technology, Chief Uche Nnaji, called on Nigerians to embrace and prioritize locally-made goods.
According to him, Nigerian-made products not only meet high-quality standards but also play a critical role in strengthening the nation’s economy.
He pointed this out at the opening of a specialized training program in Abuja aimed at empowering youth and women through hands-on skills in various sectors.
The training, organized by the Federal Institute of Industrial Research, Oshodi (FIIRO), equips young Nigerians and women with practical knowledge in fields.
This field consists of cassava and potato bread production, mushroom farming, cosmetics manufacturing, date syrup production, and converting diesel generators to compressed natural gas (CNG).
Simply, this initiative is part of a broader effort to create jobs, reduce poverty, and encourage entrepreneurship by transforming scientific research into practical, market-ready products.
In addition, Chief Nnaji emphasized that this initiative is closely aligned with President Bola Tinubu’s eight-point agenda, which includes combatting poverty, fostering economic growth, and creating jobs.
By promoting science, technology, and innovation (STI), the ministry aims to transform Nigeria’s industrial landscape.
“Our commitment to advancing Nigeria’s technological and industrial capacity is unwavering,” Nnaji stated, underscoring the ministry’s role in fostering an ecosystem that moves the country closer to economic self-sufficiency and industrial power.
Additionally, he explained that translating research and development (R&D) into commercially viable products is essential for Nigeria’s long-term growth and economic stability.
“This program is a step towards bridging the gap between research and the market, enabling us to generate foreign exchange and create sustainable job opportunities.
By focusing on commercialization, we are not only strengthening the naira but also working to diversify Nigeria’s economic base,” he noted.
Programs like this, he explained, support the growth of small businesses by providing individuals with the skills to become self-reliant and contribute meaningfully to national development.
FIIRO, which has been a prominent institution in Nigeria’s research sector since its founding, plays a vital role in developing and promoting technologies suited to Nigeria’s needs.
Through its ongoing work, FIIRO helps to address local challenges by leveraging Nigeria’s abundant raw materials and fostering skills that drive innovation in diverse industries.
Chief Nnaji acknowledged the institute’s efforts in supporting young Nigerians and women, who, with the right training, are empowered to establish their businesses and create jobs within their communities.
As part of its strategic vision, the Ministry of Innovation, Science, and Technology has established partnerships through various Memoranda of Understanding (MoUs), utilizing Nigeria’s local resources and labour force.
These collaborations aim to drive innovation across the country’s geopolitical zones by working closely with regional agencies and stakeholders in the STI sector.
The Technology and Innovation Centers established by the ministry are intended as hubs for knowledge exchange, helping to accelerate research applications and build an innovation-driven economy.
Addressing the program’s participants, Chief Nnaji urged them to approach the training with dedication and to collaborate as “innovation clusters.”
He emphasised the collective efforts of these trainees which could foster Nigeria’s shift from a consumption-focused economy to one driven by production and innovation.
Also, he encouraged Nigerians to actively support these budding entrepreneurs by purchasing their products, which would help to ensure their long-term sustainability and market presence.
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Nigeria’s Foreign Debt Servicing Costs Jump 39.7% to $3.57 Billion in 2024
In the first nine months of 2024, Nigeria spent $3.57 billion on foreign debt servicing—a 39.7% increase from the $2.56 billion spent during the same period in 2023, according to a Central Bank of Nigeria (CBN) report.
The highest monthly payment in 2024 was recorded in May, at $854.36 million, surpassing 2023’s peak of $641.69 million in July.
January saw a 389% increase compared to the previous year, while May’s payments rose by 286.52%. Although slight decreases occurred in June and July, September’s servicing costs were 17.49% higher than in 2023.
Amid rising debt payments, Nigeria’s total public debt reached N134 trillion in Q2 2024, up 10% from Q1.
News
NYSC Confirms Registration Date for Batch C, Stream 1, 2024
The National Youth Service Corps (NYSC), releases confirmed date for the registration of Batch C Stream I, 2024. The registration will commence from the 14th of November, 2024. Although the duration of days or how long the portal will be opened have not yet been stated.
Here is the photo released on their official social media page on Instagram:
News
Edo State Government Approves Removal of Executive Boards, Agencies, and Parastatals
The Edo State Government approves of the removal of Executive boards, agencies and parastatals in the state’s public service. This information was confirmed on Wednesday and released in the Chief Press Secretary, Fred Itua, statement.
Itua shared that the state governor has ordered the appointees to turn over their government properties to the public officer.
“It is hereby announced for the information of the general public that the Governor of Edo State, Senator Monday Okpebholo, has approved the dissolution of the executives of all boards, agencies, and parastatals in the Edo State Public Service, with immediate effect.””
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