NASENI Aims for 25% Reduction in Import Bill by 2030

By Milcah Tanimu

The National Agency for Science and Engineering Infrastructure (NASENI) has set an ambitious target of reducing Nigeria’s import bill by 25% to $34.7 billion by 2030.

This goal will be achieved through strategic partnerships aimed at localizing the production of the country’s top 10 imported items.

Additionally, NASENI aims to create over three million jobs by 2030 through technology knowledge transfer to more than 300,000 small and medium enterprises (SMEs) and to lift 2.5 million people out of poverty within five years.

These projections were disclosed by the Executive Vice Chairman of NASENI, Khalil Halilu, during a presentation to the media.

Halilu highlighted that Nigeria’s import expenditure had surged by 66% over the past four years, reaching $60.5 billion. He emphasized that ten categories of imported items accounted for 77% of the total import bill, while SMEs contributed a mere 6.21% to exports.

Acknowledging the limited economic growth due to low industrial and technological productivity, Halilu emphasized the urgency of technology transfer to accelerate economic growth.

According to him, technology transfer will significantly reduce go-to-market time by 75%, thereby cutting down total production time from three years to between six months and one year.

Furthermore, NASENI has collaborated with the Rural Electrification Agency to deploy renewable energy technologies, particularly solar resources, to illuminate rural areas in Nigeria. The agency has also secured a $150 million investment for a battery factory from the UAE.

Halilu disclosed that NASENI has initiated discussions with the police and state governments to provide their broken-down trucks and tractors for rehabilitation. This initiative aims to save the nation billions of naira annually on vehicle purchases.

Under this scheme, NASENI plans to repair the broken-down vehicles, with the police and state governments retaining 80% of the repaired vehicles for use. NASENI will acquire the remaining 20% of the vehicles, which will be sold to farmers, thereby contributing to agricultural mechanization and productivity enhancement efforts.