President Bola Tinubu has given his assent to the Defence Industries Corporation of Nigeria (DICON) Bill, 2023, as announced in a State House Release by Ajuri Ngelale, the Special Adviser to the President on Media & Publicity, on Thursday, November 23, 2023. This information is available on the official X (formerly Twitter) handle of Fredrick Nwabufo, the Senior Special Assistant to the President on Public Engagement.
The statement provided historical context, noting that the Defence Industries Corporation of Nigeria was originally established on August 1, 1964, by an Act of Parliament. This legislation was subsequently revised as the DICON Act in Chapter 94 of the Laws of the Federation, 2004.
The DICON Bill, 2023, which received President Tinubu’s approval, was sponsored by Hon. Babajimi Benson, the Chairman of the House of Representatives Committee on Defence, representing the APC Ikorodu Federal Constituency.
In terms of key insights, the release clarified that the Defence Industries Corporation of Nigeria Act, 2023, has effectively repealed the earlier version of the Defence Industries Corporation of Nigeria Act. The DICON Act, 2023, provides substantial powers to the Defence Industries Corporation of Nigeria, empowering it to:
1. **Operate, Maintain, and Control Subsidiaries and Ordnance Factories:** The legislation allows DICON to manufacture, store, and dispose of ordnance and ancillary stores and materials.
2. **Establish the Defence Industry Technology, Research, and Development Institute (DITRDI):** This initiative aims to create a robust scientific and research-based technological foundation for Nigeria’s defence industry. It envisions leveraging combined, multi-disciplinary research from various military research institutes to develop new military technology and capacity in Nigeria.
3. **Provide a Comprehensive Regulatory Framework:** The DICON Act, 2023, establishes a regulatory framework for the manufacturing, distribution, storage, and disposal of defence articles in Nigeria.
4. **Incentivize Development through Financing Architecture:** The legislation seeks to encourage the development of a nuanced financing architecture that facilitates private capital involvement in research, development, and production within the defence sector. The objective is to ensure transparency and predictability in these processes.
This landmark development marks a significant step forward in strengthening Nigeria’s defence capabilities and fostering innovation within the defence industry. With the repeal of the previous legislation and the introduction of these empowering provisions, the Defence Industries Corporation of Nigeria is poised to play a pivotal role in advancing the country’s defence infrastructure and technology.
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