Home Youth empowerment EO-5: Interventionist Action Plan to Renovate the Nigerian Economy

EO-5: Interventionist Action Plan to Renovate the Nigerian Economy

0

Executive Order No. 5 (EO-5) is described as an interventionist plan, due to its bottom-up approach, in the sense that it will revamp the economy and achieve self-sustaining economic growth. Reports by BINTA SHAMA.

Following the fall in the price of crude oil and the subsequent decision of the current administration to diversify the economy and stimulate rapid industrialization, President Muhammadu Buhari issued 10 decrees in 2021 to accelerate the sustainable growth and development of the Nigeria.

EO-5 enacted to combat massive capital flight

One of this Executive Order, #005, includes; planning and execution of projects, promotion of Nigerian content in contracting and science as well as in engineering and technology which was specifically enacted to combat the massive flight of capital to import technology easily available locally.

The groundbreaking ordinance compels procuring entities to give preference to Nigerian companies in awarding contracts, in line with the Public Procurement Act 2007. It also mandates the engagement of Nigerian professionals in areas where their required expertise is available.

The Secretariat is housed in the Federal Ministry of Science, Technology and Innovation (FMSTI), managed by the Strategy Implementation Office for Presidential Decree No. 5 (SITOPEO-5) and headed by a national coordinator.

The Secretariat’s mandate includes oversight of a Complaints/Appeals Committee which will receive administrative complaints and appeals from communities, stakeholders, professional bodies, contractors, manufacturers around project planning and execution from MDAs, promoting Nigerian content in contracts and science, engineering and technology. for remediation.

Most recently, SITOPEO-5 held a sensitization workshop for FMSTI staff on the full implementation of Presidential Decree No. 5 in Abuja.

EO-5: technological development policy, promote local content

In his opening speech, the Minister of Science, Technology and Innovation, Dr. Ogbonnaya Onu, explained that the Order is more than another government initiative to promote local content; rather a technological development policy.

Onu, who described the order as a groundbreaking presidential executive order, said it was the ministry’s contribution to help and transform the nation to its “God-ordained level”.

Giving the context of the policy, Onu explained that Nigeria still depends on expatriates for the maintenance of its refineries as there was no policy allowing local professionals to follow foreigners and invariably become self-sufficient in the use of these technologies.

He argued that Nigeria needs to create the right environment using policy and legal framework to ensure that Nigerian professionals participate and acquire these technologies for national development.

The minister further expressed his confidence that the complaint/appeal procedure would deal with the various complaints in all sectors of the economy, although he commended the national coordinator of the implementation work office of the Executive Order Strategy #005 and his team for their hard work. , urging them to keep working hard until the nation’s goal is achieved, pointing out that Nigerians are tired of importing everything it uses.

EO-5: encourage indigenous youth to be at the center of socio-economic activities

Earlier, in her welcome address, the Permanent Secretary of the Ministry, Mrs. Monisola Udoh, reaffirmed that in February 2018, out of necessity, President Muhammadu Buhari signed Executive Order 5 in action for the promotion of planning and execution of projects, promotion of Nigerian content in contracts, science, engineering and technology for Nigerians and domestic and diaspora investors.

She reiterated that the ordinance is, indeed, necessary and that its full implementation must be pursued.

Taking the floor, the National Coordinator of the Presidential Decree No. 05 Strategy Implementation Work Office (SITOPEO-5) Engr. Ibiam Oguejiofor said the ordinance will encourage young Nigerians to be at the center of socio-economic activities.

While presenting his article on the “historical functionality of Executive Order No. 5 and its compliance”, Oguejiofor pointed out that under the National Science, Technology and Innovation Policy (NSTIP) in force, the Federal Ministry of Science, Technology and Innovation (FMSTI) will collaborate with relevant Government Ministries, Departments and Agencies (MDAs) and organizations to promote the application of science, technology and innovation in all sectors of the Nigerian economy.

He added that the remediation of the order reinforces the opportunity to increase the quantum of value created in the Nigerian economy through increased Nigerian content in government procurement.

Oguejiofor further said that under the Economic Recovery and Growth Plan (2017-2020), the ministry is promoting the “Made in Nigeria Campaign” and will harness STI to boost national competitiveness, productivity and skills. economic activities in all sectors.

“Executive Order 5 provides the environment for the Federal Ministry of Science, Technology and Innovation to be a service department of the Federal Government to interact with all relevant agencies and organizations, synergizing and promoting the application of the results of science, technology and innovation in all sectors of Nigeria’s economy – industrial growth, metrology, human capital development, agriculture, health, environment, energy, banking and finance, communications, women and youth empowerment, job creation, tourism, trade, scientific acculturation, meteorology, natural resources, building construction, national security, nuclear science and technology, sports and recreation, diplomacy, transportation, etc., he added.

Listing the steps for legal implications and complaint/appeal guidelines for the College, Director, Legal Services, at the Department, Barr. Yv Odu-Thomas, stated that the public can submit complaints/appeals for relief in relation to violations of the Executive Order to SITOPEO-5 through the FMSTI if the defaulting MDA does not respond satisfactorily to the appeal of the complainant within 15 working days.

Highlighting a five-step procedure that must guide the interventionist office, she added that in the event of a criminal violation, SITOPEO-5 must submit a report to the council through the minister for review and transmission to the competent authorities for investigation. and other necessary. stock.

Speaking on the applicability of Executive Order 5 to the Federal Ministry of Science and Technology, a SITOPEO-5 Coordinator, Mr. Sunday Uyeh, asserted that full implementation of the Executive Order will undoubtedly support the achievement of President Muhammadu Buhari’s promise in June. 12 to lift 100 million Nigerians out of poverty over the next 10 years.

“The Federal Government of Nigeria recognizes its commitment to promoting domestic foreign investment, creating jobs and boosting the national economy.

“Furthermore, it is important to state that entrenching science, technology and innovation (STI) in daily life is essential to achieving the nation’s development goals in all sectors of the economy, especially in Science, Technology and Innovation Strategy (STISA) 2024, STISA 2063, SDG 2030 and Vision 2020,” he added.