National Industry Technology Park bill passes second reading at the Senate

A bill for an Act to establish the National Industrial Technology Park as a mechanism for clustering of knowledge and innovation-based industrial parks formations in Nigeria has scaled the second reading at the Senate.

In his lead debate, the bill’s sponsor, Ibikunle Amosun (Ogun Central) explained that the establishment of the industrial park will create avenues for Nigerian entrepreneurs to unite, showcase their ideas and display their creativity. He also sees this as an avenue to curb unemployment and idleness amongst the youth and in the country.

The establishment of the National Industrial Technology Park is to create a mechanism for knowledge gathering and an avenue to form innovation-based industrial parks in Nigeria and also for related matters. This bill is pitched toward the economic development of the country, capacity building and youth empowerment.

It will also serve as a veritable platform for the promotion and commercialisation of research and development.

Senator Ibikunle Amosun

Amosun said that the objectives of the bill included stimulating investment and creating employment and facilitating export growth and foreign exchange earnings.

Senator Ajayi Boniface, supporting the bill, explained the benefits it will have in the diversity of the country’s economy from a monolithic economy that is oil-dependent.

One example of this Industrial Park is the Silicon Valley in California, USA. California is richer than the richest States combined because of the industrial activities of the Silicon Valley. If we can achieve this Industrial Park and back it up with law, it will help us. The Industrial Park will help the start-ups to have an environment where they can contribute to the development of the country.

Senator Ajayi Boniface

Also, Senator Barau Jibrin said:

This is a Bill that will help us to be fully industrialised. It will help us achieve the long term objectives of the nation in terms of industrialization. I urge my colleagues to support this Bill to bring full scale industrialization to this country.

Senator Barau Jibrin

The Senate President, Ahmad Lawan, commended Senator Amosun for the bill and raised the awareness of a better security environment to be provided for the safe running of the park.

He said, “I want to commend Senator Ibikunle Amosun for sponsoring this Bill, and of course, we need to ensure that we provide a better security environment because if we are going to establish a National Industrial Park, it means accommodating more resources we don’t have those resources that we need in our country. We have to work together across all levels of government to ensure we create and sustain a better security environment that will encourage investors.”

The bill has been passed to the Committee on Trade and Investment who are to report back to the house within four weeks for legislative action.