LAGOS, Aug, 2 (Xinhua) -- The Nigerian government has developed a national strategy on competitiveness in raw materials and products development in the country, an official said Wednesday.
The strategy is initiated to harness Nigeria's potential in research and development institutions, Hussaini Ibrahim, the director general of the Raw Materials Research and Development Council (RMRDC), said.
The strategy was generated to enable the country attain sustainable socioeconomic growth and development, he added.
"Today, particularly with the recession, Nigeria is confronted with the challenges of business failures, factory closures, high unemployment and inflationary pressures," the official told reporters in Abuja, the nation's capital.
"Also we are plagued with depleted foreign exchange earnings and reserve, drastic devaluation of the national currency, huge arrears of workers' salaries and pension, among others," he said.
Ibrahim said the strategy which would be in partnership with industries and businesses would aid to accelerate and re-direct the pathways to recovery and growth of the economy.
The director-general said the initiative was aimed at attaining global competitiveness in raw materials and products development with the attendant boosts in local and international confidence in Made-in-Nigeria products and services.
Ibrahim said the unique features of the strategy include forging partnerships among research and development institutions with industries, businesses and entrepreneurs toward providing solid and quality national infrastructure.
According to him, the successful implementation of the strategy would be far-reaching and beneficial to Nigeria as it would enhance alliance among Nigerian scientists and entrepreneurs, industries and businesses.
