Home Politics Senate set to give legislative framework to diversification of economy

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Politics

Senate set to give legislative framework to diversification of economy

By adminDec 15, 2022, 17:27 pm0

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Senate is set to give the enabling legislative framework to the diversification of the nation’s economy from its monocultural status.

Investigation revealed that a bill, Nigerian Economic Diversification Bill 2022 which passed first reading last December, will be subjected to public hearing next week.

The public hearing is being organised by the Senate Committee on National Planning led by Senator Olubunmi Adetunmbi.

Sponsored by Deputy Whip and Senator representing Niger North, Aliyu Sabi Abdullahi, the bill seeks to establish the Nigerian Economic Diversification Council, as well as provide for the Nigerian Resource Development Plan.

It will also promote the transfer of technology for Nigerian capacity development and succession plan, establishment and management of startup development programme, issuance of work permits and expatriate quotas, and formalization and development of artisanal and small-scale miners of solid minerals.

The bill equally aimed at the promotion of Nigerian Content Development in automobile manufacturing, maritime industry and credit guarantee scheme.

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If passed into law, it will be mandatory for Ministries, Departments and Agencies of government to submit Annual Nigerian 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 etc.

Sponsor of the Bill, Senator Abdullahi, said it would also provide for the “establishment and maintenance of programmes for the overall development of the Nigerian economy, more especially, to encourage the growth of Nigerian industries, services, technologies in order to diversify the Nigerian economy and raise the standard of living of persons living in Nigeria to a reasonable level.”

He added that the scope of the Bill “are to be applicable to all ministries, arms and agencies of the Federal Government of Nigeria and private businesses.”

“However, local content development in the oil and gas sector is excluded from the application of this Bill,” he noted.

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