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Senate kicks off process for Economic Diversification

The Senate is set to provide a legal framework for the federal government to pursue its diversified policies to improve on   the economy.

This will be achieved by the passage of the Economic Diversification Bill 2022 currently  before the National Assembly.

To this end the Senate committee on National Planning is to hold a public hearing on the bill.

The bill sponsored by the Deputy Whip, Senator Aliyu Sabi Abdullahi representing Niger North was read for the first time on December 8, 2021, to establish the Nigerian Economic Diversification Council, as well as provide for the Nigerian Resource Development Plan.

The objective of the bill includes provision of   transfer of technology for capacity development and succession plan, establishment and management of startup development programmes, issuance of work permits and expatriate quotas, formalization and development of artisanal and small scale miners of solid minerals.

The bill focuses on the promotion of Nigerian Content Development in automobile manufacturing, maritime industry and credit guarantee scheme.

This bill when passed shall make it mandatory for Ministries, Departments and Agencies of government to submit Annual local Content and Economic Diversification Development Report and Annual Budget.

Other sectors of the economy duly covered in the bill are Information and Communications Technology, Health, Agriculture and Agro Allied, Power.. 

However he  added  that  local content development in the oil and gas sector is excluded from the application of the bill.

Reporting by Amaka Ene, editing by Daniel Adejo