Nigeria aims for domestic production boost as NASENI targets 25% import reduction by 2030

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The National Agency for Science and Engineering Infrastructure (NASENI) has unveiled an ambitious plan to significantly reduce Nigeria’s reliance on imported goods. NASENI is setting a target of a 25% decrease in the national import bill by 2030.

These were contained in a document presented to the media by the Executive Vice Chairman of NASENI, Khalil Halilu, on Wednesday.

The projections are the expected outcome of technology transfer to the country’s economy.

Halilu said Nigeria’s import had risen by 66 per cent in the last four years to $60.5bn, adding that 10 import item categories contributed 77 per cent of the total import bill, while SMEs contributed only 6.21 per cent to exports.

“Nigeria has experienced limited economic growth due to low industrial and technological productivity,” he said.

This initiative hinges on fostering domestic manufacturing capabilities. NASENI proposes establishing partnerships to manufacture the top ten most-imported items within Nigeria. This strategic selection will focus on goods with high import volume, potentially leading to a substantial reduction in foreign currency expenditure.

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NASENI also anticipates this program will create a significant number of jobs. Through focused knowledge transfer initiatives, the agency expects to empower over 300,000 small and medium-sized enterprises (SMEs) in the next five years. This technological upskilling is projected to generate over three million new jobs across various sectors.

The plan addresses a pressing national concern. Nigeria’s import bill has been a source of economic strain for some time. By bolstering domestic production, NASENI hopes to not only reduce reliance on foreign goods but also stimulate economic growth through job creation and SME development.

One specific example cited in the plans involves vehicle production. NASENI proposes a repair program targeting both private and public vehicles. This initiative aims to reduce dependence on imported vehicles by refurbishing existing ones. The agency expects partnerships with the police and state governments for this project.

The success of this initiative hinges on effectively forming strong partnerships with the private sector, ensuring adequate technological transfer to SMEs, and efficiently managing the targeted repair programs. If achieved, a 25% reduction in the import bill by 2030 could significantly strengthen Nigeria’s economic standing.