President Tinubu Assents To Defence Industries Corporation Of Nigeria Bill 

Posted on November 24, 2023
President Bola Tinubu has assented to the Defence Industries Corporation of Nigeria (DICON) Bill, 2023.
The Defence Industries Corporation of Nigeria was 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 Act, 2023, repeals the previous iteration of the Defence Industries Corporation of Nigeria Act and empowers the Defence Industries Corporation of Nigeria to:
(1) Operate, maintain, and control subsidiaries and ordnance factories to manufacture, store, and dispose of ordnance and ancillary stores and material.
(2) Establish the Defence Industry Technology, Research, and Development Institute (DITRDI) to create an elaborate scientific and research-based technological foundation for Nigeria’s defence industry through the leveraging of combined, multi-disciplinary research from multiple military research institutes for application that leads to commercialization and the development of new military technology and capacity in Nigeria.
(3) Provide a comprehensive regulatory framework for the regulation of the manufacturing, distribution, storage, and disposal of defence articles in Nigeria.
(4) Incentivize the development of a nuanced financing architecture that enables private capital to facilitate research, development, and production in the defence sector in a transparent and predictable fashion.
The Defence Industries Corporation of Nigeria Bill, 2023, was sponsored by the Chairman of the House of Representatives Committee on Defence, Hon. Babajimi Benson (APC — Ikorodu Federal Constituency).

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

KINGSLEY EBERE    The residents of Taiwo Close in Shasha  area of Lagos are... Continue
All is now set for CORFEPS WEEK 2024 with Ambassador Godknows Igali OON, Ammuna... Continue
BY Prof. NNANYELUGO IKE-MUONSO Nigeria is one of the African countries with the highest... Continue
MICHAEL AKINOLA    A 45-year old man, Iyere Joseph, has landed in trouble for... Continue
Manchester City and Manchester United will renew their derby rivalry this weekend on matchday... Continue
  Chief Executive Officer of Strategic Outcomes Group, Jenkins Alumona, was on Friday,  honoured... Continue
The message has gone out from the Energy boss, Dr. Mustapha Abdullåhi, of a... Continue
In a poignant ceremony held at the Rivers State Police Command headquarters, the Police... Continue
  SUNDAY AKINTOYE Chairman of Lagos State Football Association, LSFA, Ogboni Fouad Oki says... Continue
  The Director General of Lagos State Sports Commission, Lekan Fatodu, held a strategic... Continue


Access Bank