The Minister of State for Defence, Dr. Bello Matawalle, on Wednesday said that indigenous manufacturing of arms and ammunition in commercial quantity, will lower the pressure on naira and improve its value in the foreign exchange market.
The Minister made this disclosure when ministries of defence, steel development, and the national agency for science and engineering infrastructure (NASENI) signed a Memorandum of Understanding (MoU), to facilitate massive production of arms and ammunition in Nigerian through the military industrial complex.
Matawalle also disclosed that the country is grappling with a significant demand for ammunition, with the military alone requiring approximately 200 million rounds each year. He added that when the needs of other paramilitary forces and the police is factored in, the total annual requirement for ammunition surges to a staggering 350 million rounds.
Speaking during the signing Matawalle said “If the military and other security agencies purchase this ammunition from DICON, there won’t be pressure on the Federal Government to source foreign exchange to buy from foreign countries.
“There won’t be pressure on the Naira, as the Naira will be used to buy from DICON”.
On his part, the Minister of Steel Development, Prince Shuaibu Audu, said the MoU and JV would open new doors and avenues to Nigeria’s security architecture in our own hands.
He said the Ajaokuta Steel Company would provide the needed platform for the industrial complex.
The Minister of Steel Development, Shuaibu Audu, highlighted the strategic importance of Ajaokuta in this initiative, saying, “Ajaokuta provides the perfect platform for the military industrial complex. With its vast resources and existing infrastructure, it has the capacity to support the production of helmets, vests, rifles, bullets, and even military tanks”.
He noted that the collaboration is not only expected to enhance Nigeria’s defense capabilities but also to stimulate economic growth by creating jobs and reducing the country’s dependence on foreign imports.
