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A Lagos-based constitutional lawyer, Jide Ologun, has commended President Bola Tinubu for assenting to the Defence Industries Corporation of Nigeria Bill 2023, emphasizing the widespread yearning for tangible results among Nigerians.

Ologun, a former Chairman of the Nigerian Institute of Public Relations (NIPR) in the Ikeja Branch and a prominent public affairs analyst, expressed his sentiments in an interview with the News Agency of Nigeria in Lagos. He lauded Tinubu’s decision, stating that the local production of military equipment in the nation manifests wisdom, especially amidst the prevailing economic challenges.

“In a period overshadowed by Nigeria’s significant and adverse debt burden, largely driven by the consumption of imported goods and services, the most favourable initiative is one that stimulates local production for local consumption,” asserted Ologun.

“This strategic approach will ultimately evolve to penetrate the exportation space, enabling us to earn foreign currencies. This will consequently alleviate the current forex crises experienced by our economy,” he added, while lamenting the substantial expenditure on the purchase of Tucano jets, military helicopters, and ammunition from abroad.

The legal practitioner and social commentator, however, lamented the Petroleum Industry Act, acknowledging its arrival but highlighting the absence of noticeable benefits for the nation. He urged the government to intensify efforts in ensuring that the reforms yield prompt and meaningful results in the socio-economic landscape.

According to him, if properly executed, the Act will contribute to reducing insecurity through a cost-effective fight against terrorism and insurgency.

Ologun conveyed his best wishes to the President as he navigates the nation’s affairs, wrapping up his remarks.

In a recent development, President Tinubu assented to the bill on Thursday, which repeals the former iteration of the Defence Industries Corporation of Nigeria Act.

The Defence Industries Corporation of Nigeria was initially established on August 1, 1964, by an Act of Parliament, and later revised as the DICON Act in Chapter 94 of the Laws of the Federation, 2004.

Sponsored by the Chairman of the House of Representatives Committee on Defence, Babajimi Benson (APC-Lagos State), the new iteration empowers the DICON to operate, maintain, and control subsidiaries and ordnance factories for the manufacture, storage, and disposal of ordnance and ancillary stores and materials.

The Act also facilitates the establishment of the Defence Industry Technology, Research, and Development Institute to lay a robust scientific and research-based technological foundation for Nigeria’s defence industry.

Furthermore, the Act provides a comprehensive regulatory framework for the manufacturing, distribution, storage, and disposal of defence articles in Nigeria.

It also encourages the development of a sophisticated financing architecture that incorporates private capital to facilitate research, development, and production in the defence sector in a transparent and predictable manner.

By Media Talk Africa