Minister promises that Presidential Executive Order 5 will ease pressure on the Naira

Minister of Science, Technology and Innovation, Chief Uche Nnaji has said a careful implementation of the Presidential Executive Order No. 5 will catalyze the country’s economic diversification.

According to him, the policy will also ensure technological advancement, promotion of domestic and foreign investments, reduce dependence on foreign goods and the strain on the Naira.

Addressing journalists in Abuja, Nnaji observed that the order aligned with and catalyzes the 8-point Renewed Hope Agenda of our dear President, Asiwaju Bola Anmed Tinubu.

Recall that former president Muhammadu Buhari in 2018 signed Executive Order 5 to improve local content in public procurement with science, engineering and technology components.

On its implementation, the minister explained that Nigeria is rich in human and largely unexplored natural resources, saying that the predominantly youthful population is not only the largest in Africa but also ranks among the largest globally.

He noted that geographically, the country stands at Africa’s heart but despite these assets, youth unemployment remains a massive challenge, “as we constantly export domestic jobs by importing many products we could competitively produce locally.”

He noted that the Presidential Executive Order No. 5 addresses these challenges by providing support for Made-in-Nigeria Goods and Services (MNGS), the development of homegrown capability, and the capacity to maintain, redesign, reproduce, rededicate, and duplicate any infrastructure built in Nigeria for self-reliance and development.

The minister said: “If we have made in Nigeria products, we can no longer import and the stress on the naira will reduce.

“When we stop the 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 further explained that the order also seeks to closely monitor and promote the capacity of Nigerian professionals and contractors in Science, Engineering, and Technological programs to compete with their counterparts globally.

Nnaji noted that through his ministry, President Bola Tinubu would create a conducive environment to support the innovative spirit of Nigerian youths and entrepreneurs.

“We see it as a pivotal moment in our nation’s history that will propel Nigeria to new heights of innovation and technological advancement”, he stated.