‘Local manufacturing of defence equipment will strengthen naira’

The signing of the amended Defence Industries Corporation of Nigeria (DICON) Act by President Bola Ahmed Tinubu will help in locally manufacturing defence equipment and strengthen the naira, Managing Director/Chief Executive Officer of DICON Gray Insignia, Mr Bem Ibrahim Garba, has said. In a statement, he said the transactions would be conducted in local currency […]

The signing of the amended Defence Industries Corporation of Nigeria (DICON) Act by President Bola Ahmed Tinubu will help in locally manufacturing defence equipment and strengthen the naira, Managing Director/Chief Executive Officer of DICON Gray Insignia, Mr Bem Ibrahim Garba, has said.

In a statement, he said the transactions would be conducted in local currency rather than in foreign exchange.

He said the president had shown commitment by ensuring that the vast foreign exchange spent on importing weapons is redirected toward initiatives that enhance the livelihoods of Nigerians.

He stated that DICON Gray Insignia was ready to offer its technical expertise to ensure that Nigeria no longer remains at the mercy of countries that profit from exporting weapons to the highest bidders.

• NEDC warns procurement staff against corruption
• .SERAP gives CBN 48 hours to withdraw ‘unlawful, unfair hike in ATM transaction fees’

Garba described the amendment of the DICON Act by the National Assembly as a game changer that would have significant security and economic benefits for the country.

Furthermore, he noted that the usual delays in military procurement, where orders can take up to a year before delivery, will be eliminated.

He also said that local manufacturing will not only serve Nigeria but also benefit neighbouring West African countries, many of which rely on imported military hardware to combat insecurity.

He noted that it was “a huge win for our country. We will no longer need to export massive amounts of foreign exchange to international markets, nor will we have to endure long waiting periods to supply our military and security forces. The order and delivery gap will now be closed.

“Our young people will be exposed to new technical skills, empowering them with meaningful employment opportunities and reducing pressure on the labour market. Training them to manufacture these tools is in the best interest of our nation.”