The National Agency for Science and Engineering Infrastructure has estimated that import expenses will decrease by 25% to $34.7bn by 2030.
The agency plans to achieve this by collaborating to produce the top 10 items within the country.
NASENI also aims to create more than three million jobs and help 2.5 million people out of poverty by 2030 by sharing technology with over 300,000 small and medium enterprises.
These details were presented to the media by NASENI's Executive Vice Chairman, Khalil Halilu, on Wednesday.
The outcomes are the anticipated results of technology transfer to the country’s economy.
Halilu stated that Nigeria's import has increased by 66% in the past four years to $60.5bn, with 10 categories of items contributing to 77% of the total import bill, while SMEs contributed only 6.21% to exports.
“Nigeria has undergone limited economic growth due to low industrial and technological productivity,” he said.
Halilu mentioned that the solution lies in rapidly transferring technology, which will hasten economic growth through technology transfer and adaptation to vital sectors.
He also added that technology transfer will reduce go-to-market time by 75%, bringing total production time from three years to between six months and one year.
Halilu also shared that NASENI and the Rural Electrification Agency had agreed to deploy renewable energy technologies, particularly NASENI’s solar resources, to light up rural areas in Nigeria. Furthermore, the agency had attracted $150m investment for a battery factory from the UAE.
He mentioned that his agency has contacted the police and state governments to offer their non-functional trucks and tractors for repair.
Doing so, he explained, would save the country billions of naira annually on vehicle purchases.
Halilu mentioned, “The police have expressed interest in the initiative. The plan is to repair the non-functional vehicles, and NASENI will receive 20% of them.
” We are also aiming for 55,000 non-functional tractors owned by state governments. Eighty percent of the restored tractors would be utilized by the governments, while NASENI would take 20 percent of them, which would be sold to farmers.”