Constitution lawyer Jide Ologun has expressed his commendation for President Bola Tinubu’s assent to the Defence Industries Corporation of Nigeria Bill 2023, highlighting the crucial need for results-driven initiatives in Nigeria.
In an interview with the News Agency of Nigeria in Lagos, Mr. Ologun, a former Chairman of the Nigerian Institute of Public Relations (NIPR), Ikeja Branch, and a public affairs analyst, praised the move by Tinubu to sign the bill into law.
He emphasized the significance of local production of military equipment in the country, especially in the face of prevailing economic challenges. Ologun stated that reviving local production for domestic use and potential exportation could help alleviate the economic strain, particularly concerning the foreign exchange crisis currently faced by the nation.
While he acknowledged the significance of the Petroleum Industry Act, Ologun noted that the Act had yet to yield substantial benefits for the country. He urged the government to intensify efforts to ensure that reforms like this swiftly translate into tangible socio-economic improvements for the populace.
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Ologun underscored the potential of the Defence Industries Corporation Act to contribute to the nation’s security by facilitating a cost-effective approach to combating terrorism and insurgency, provided it is effectively implemented.
He concluded by extending his best wishes to the President in steering the affairs of the nation, referencing Tinubu’s recent assent to the bill, which reformed the Defence Industries Corporation of Nigeria Act. The updated Act enhances the corporation’s operations, allowing it to manage subsidiaries and ordnance factories for the manufacturing, storage, and disposal of defence-related materials.
Additionally, the Act establishes the Defence Industry Technology, Research, and Development Institute to build a solid scientific and research-based technological foundation for Nigeria’s defence industry. It provides a comprehensive regulatory framework for defence article manufacturing, distribution, storage, and disposal, as well as facilitating private capital involvement in the defence sector’s research, development, and production.
