The Federal Government says it has so far saved N5.3 trillion from import reduction.
It says in 2017, ₦613.6 billion was saved, ₦412.8 billion in 2018, ₦2.3 trillion in 2019 and ₦1.71trillion in 2020.
This is according to the Minister of Science, Technology and Innovation, Dr. Ogbonnaya Onu, who said the government made a cumulative savings from import reduction of ₦5.03 Trillion for the period 2017 to 2020.
The Minister said this in Abuja at the closing ceremony of the Technology and Innovation Expo 2022, organised by the ministries in Abuja.
He said: “We all know that it takes time to develop new drugs that are acceptable internationally. However, we have made a lot of progress in the development of new drugs, as they are at different levels of certification including clinical trials. The diseases that are of concern to us, include prostate cancer, breast cancer, sickle cell anemia, laser fever and epilepsy to mention just a few. I am convinced that based on the work we have done so far, I am confident that in the near future, sick people from different countries of the world will come to Nigeria to obtain medical attention.
“Also, a breakthrough was made to produce high grade pharmaceutical starch, from wild yam grown in our forests. The aim of this research is to replace sourcing such starch from food items like cassava, maize, yam, millet or guinea corn.
“The opportunity presented by the African Continental Free Trade Area (AfCFTA) agreement demands that our dear country prepares for international trade in capital goods and services. The FMSTI had to collaborate with regulatory establishments and the OPS to guarantee high quality. This will help us reduce/stop rejection of made-in-Nigeria products as well as meet local industries and businesses specifications and requirements.
“These changes brought huge benefits to the nation. I am happy to inform you that from 2017 to 2020, impressive huge sums of savings from import reduction have been recorded. Based on the United Nations Harmonised System Code, the National Bureau of Statistics (NBS) data shows value of savings from import reduction of ₦613.6 billion in 2017, ₦412.8 billion in 2018, ₦2.3 Trillion in 2019 and ₦1.71Trillion in 2020. We have a cumulative savings from import reduction of ₦5.03 Trillion for the period 2017 to 2020.”