President Bola Tinubu signed into law the Defence Industries Corporation of Nigeria Bill, 2023, on Thursday.
According to a statement released by the President’s Special Adviser on Media and Publicity, Ajuri Ngelale, the new Act replaces the previous Defence Industries Corporation of Nigeria Act.
Established on August 1, 1964, by an Act of Parliament and revised as the DICON Act in Chapter 94 of the Laws of the Federation, 2004, the Defence Industries Corporation of Nigeria has undergone this legislative revision.
Sponsored by the Chairman of the House of Representatives Committee on Defence, Babajimi Benson (APC — Ikorodu Federal Constituency), the updated bill grants the Defence Industries Corporation of Nigeria the authority to operate, maintain, and oversee subsidiaries and ordnance factories.
This includes responsibilities for manufacturing, storage, and disposal of ordnance and related stores and materials.
Additionally, the new legislation introduces the establishment of the Defence Industry Technology, Research, and Development Institute.
Its primary objective is to foster an extensive scientific and research-based technological foundation for Nigeria’s defence industry.
This institute aims to leverage multi-disciplinary research from various military research institutions, leading to commercialization and the advancement of new military technology and capacity within Nigeria.
The Act also provides a comprehensive regulatory framework for governing the manufacturing, distribution, storage, and disposal of defence articles in Nigeria.
Moreover, it incentivizes the development of a refined financing structure, encouraging private capital investment to support research, development, and production within the defence sector in a transparent and predictable manner.
