By Deborah Coker
Abuja, Aug.12, 2024 (NAN) Dr Ibrahim Kana, Permanent Secretary at the Ministry of Defence, says now is an opportune time for local production and urged individuals with financial resources to invest in the Military Industrial Complex (MIC).
He made this statement on Monday in Abuja while responding to questions from newsmen during a press briefing commemorating the 60th anniversary of the Defence Industry Corporation of Nigeria (DICON).
Kana noted that the MIC in Turkey and South Africa was currently the largest industry, with a return on investment of 100 per cent within less than five years.
He, therefore, encouraged Nigerians with financial resources to invest in the nation’s MIC.
He added that DICON was on the verge of partnering with the ministry, and a Memorandum of Understanding (MoU) will soon be signed for the production of small ammunition in Nigeria.
“Whoever makes this investment will eventually go public. It is a wise investment.
“I can assure you that within the next two years, Nigeria will no longer purchase 7.62 millimetre caliber weapon ammunition,” he said.
Kana explained that DICON had evolved into a military industrial complex, encompassing all military industrial complexes across the country, including National Agency for Science and Engineering Infrastructure (NASENI).
He said that the Public Procurement Act supported local production, mandating procurement entities to prioritise local production before importation.
Regarding the Ajaokuta Steel Company, Kana said that the ministry was at the point of signing a MoU with the Minister of Steel to reactivate one or two plants in Ajaokuta.
“These plants will be responsible for producing equipment relevant to the military industrial complex.
“It makes sense for the Ministry of Defence to increase its partnership with Ajaokuta to ensure access to raw materials and steel produced in Ajaokuta,” he said.
Kana added that the ministry had also involved and encouraged Nigerian entrepreneurs, requiring foreign investors to partner with Nigerians using Nigerian funds.(NAN)