President Tinubu Signs Historic Defence Industries Corporation of Nigeria Bill into Law.

President Tinubu Signs Historic Defence Industries Corporation of Nigeria Bill into Law.

In a momentous development, President Bola Tinubu has given his assent to the Defence Industries Corporation of Nigeria (DICON) Bill, 2023. This marks a significant step forward in the evolution of Nigeria's defence capabilities.

Established on August 1, 1964, by an Act of Parliament and later revised as the DICON Act in Chapter 94 of the Laws of the Federation, 2004, the Defence Industries Corporation of Nigeria has now undergone further transformation with the enactment of the Defence Industries Corporation of Nigeria Act, 2023.

The new legislation brings several key provisions to empower the Defence Industries Corporation of Nigeria:

Operation and Maintenance: DICON is authorized to operate, maintain, and control subsidiaries and ordnance factories for the manufacturing, storage, and disposal of ordnance and ancillary stores and materials.

Defence Industry Technology, Research, and Development Institute (DITRDI): The Act establishes the DITRDI to create a robust scientific and research-based technological foundation for Nigeria's defence industry. The institute aims to leverage multidisciplinary research for commercialization and the development of new military technology and capacity.

Comprehensive Regulatory Framework: The legislation provides a comprehensive regulatory framework for the manufacturing, distribution, storage, and disposal of defence articles in Nigeria.

Financing Architecture: DICON is incentivized to develop a nuanced financing architecture, enabling private capital to facilitate research, development, and production in the defence sector transparently and predictably.

The Defence Industries Corporation of Nigeria Bill, 2023, was sponsored by Hon. Babajimi Benson, Chairman of the House of Representatives Committee on Defence, representing the APC — Ikorodu Federal Constituency.

This landmark legislation is a testament to President Tinubu's commitment to advancing Nigeria's defence capabilities, fostering research and development, and creating a regulatory framework to drive innovation in the defence sector.