Minister of Mines and Steel Development, Arc Olamilekan Adegbite, on Tuesday, expressed hope over local production of spare parts for industries following a Memorandum of Understanding, MoU, signed by the National Metallurgy Development Centre, NMDC, and Defence Industries Corporation of Nigeria, DICON, in Abuja.
Adegbite made the assertion in a statement signed by his Special Adviser on Media, Ayodeji Adeyemi, where he added that the MoU is a drive towards building and sustaining local content in order to save foreign exchange.
The minister who described the MoU as a new frontier said will boost research and promote the development of local content in the manufacturing and mining sectors as spare parts would be provided for local industries including export and job creation.
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He said: “This agreement between the National Metallurgical Development Centre, NMDC, an agency under this ministry, and Defence Industries Corporation of Nigeria, DICON, signals a new frontier of partnership that will boost research and promote the local production of spare parts.
“It thus buttresses the commitment of President Muhammadu Buhari’s administration towards job creation.”
Also speaking earlier, The Director-General, NMDC, Prof Linus Asuquo, who led the management team to sign the MoU said that the country has a lot to gain from it.
Asuquo explained that this move would enhance skill development in the workforce and also create jobs.
“This agreement with DICON signals a new partnership that will boost research and promote the local production of spare parts and equipment.
“Ultimately the country would save the foreign exchange it would have spent on importing spare parts.”
“The NMDC will be looking forward to deepening this bilateral relationship with DICON for the good of our nation”, he said.
According to the NMDC boss, one of the objectives of the MoU is that both parties shall establish research and innovative linkages and collaboration that would be of mutual benefit to their agencies.