The minister of science and technology, Dr Ogbonnaya Onu, has revealed that Executive Order 5 was designed to provide jobs, create conducive environment for foreign direct investment (FDI) and restructure the economy.
To this end, he challenged engineers to monitor the implementation of Executive Order 5 to ensure that public office holders complied with the provisions of the law.
He disclosed this in Abuja yesterday at the 2019 Nigerian content workshop, organised by the Nigerian Society of Engineers (NSE) with the theme: “Rural Perspective for Sustainable Nigerian Content Development.”
President Muhammadu Buhari had last signed Executive Order 5, meant to place premium in the planning and execution of projects as well as promotion of Nigerian content in contracts involving science, engineering and technology.
The minister stated that Executive Order 5 would serve as a catalyst towards ensuring that Nigerians participated in economic activities of the nation alongside their foreign counterpart.
He encouraged the Central Bank of Nigeria (CBN) and financial institutions to work towards providing loans at single digit interest rate for small and medium enterprises (SMEs) involved in the production of building and infrastructure development materials.
In his address, the president of NSE, Engr. Adekunle Mokuolu,said the surest route to maximise the benefits of the Order was for Nigerian engineers to strengthen their intellectual capacity and embark on technological innovations as well as build alliances across the boundaries.
On his part, the chairman of NSE Nigerian Content Committee, Engr. Bentley George, pleaded with Nigerians to be the vanguard of the implementation of Nigerian Content Act in all facets of human endeavour.