Economy: Senate mulls National Industrial Technology Park 

By Benjamin Arida://

Senate has set machinery in motion for the establishment of National Industrial Technology Park with a view to further diversifying the nation’s economy.

The proposed legislation titled: “National Industrial Technology Park (Establishment) Bill 2021, sponsored by Senator Ibikunle Amosun (APC Ogun Central), yesterday passed second reading, during plenary.

In his lead debate on the general principles of the piece of legislation, Senator Amosun said “rhe establishment of the Industrial Technology Park in Nigeria is imperative as it will go a long way to assist in nurturing Nigerians to be technologically savvy and competitive, as well as serve as a veritable platform for the promotion and commercialisation of research and development.”  

According to him, the objectives of the industrial park shall be stimulating investment and creating employment facilitating export growth and foreign exchange earnings; developing industrial clusters; soliciting knowledge transfer and technology spillover; establishing connections to the global value chain Development of research centers; and fostering sustainable growth and social equality.

The former Ogun State governor said “all over the world, industrial parks are taking the lead as incubators for innovative technology and a circular economy.” 

“The establishment of parks, such as this, makes it easier for companies and entrepreneurs to leverage the availability of resources, technical know-how, knowledge and professionalism, which can pave the way for developing and testing business and technology solutions,” the lawmaker added.

He explained further that the establishment of an Industrial Park of this nature will go a long way towards accelerating the process of reforming and diversifying the nation’s economy, by attracting innovative businesses that can generate jobs, higher incomes, and more resources for institutions. 

“When this bill is passed into law, it will bring about technological advancement and technological self-reliance for our nation, thereby making Nigeria an industrial nation. It will also serve as a source of wealth generation and enhancement for investors and governments,” Senator Amosun stressed.

All the senators, who contributed to debate on the bill, supported its passage for second reading as they overwhelmingly voted to that effect when put to voice votes by the Senate President, Dr. Ahmad Lawan.

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