Fund local innovators to reduce $9bn machinery imports – Expert

Convener of the Hardware Convention 2021, Mr Tochukwu Chukwueke, has advised the Federal Government to fund local equipment innovators to reduce capital flight on Nigeria’s machinery imports worth nine billion dollars in 2020.

Chukwueke said in Lagos that the Hardware Convention 2021, organised by Clintonel Innovation Centre (CIC), a hardware Start-up Incubator, was held from Aug. 26 to Aug. 28, in Aba, Abia State, to showcase made-in-Aba equipment.

He said the incubator provided training, mentoring and equipment for young people to create engineering innovations, build indigenous products and start up technology businesses.

According to him, negligence of the hardware sector is one of the major reasons Nigeria is suffering 33 per cent unemployment rate and 60 per cent poverty rate.

“The hardware sector is responsible for producing and maintaining the tools, machines and equipment required by the manufacturing sector, which is a major employer of labour.

“Today, Nigerian industries rely heavily on importation for virtually all the machinery they use, causing Nigeria to lose a lot of forex and the Naira to depreciate in value.

“Last year Nigeria imported machinery worth nine billion dollars and three billion dollars for manufacturing tools.


Leave a Reply