On Wednesday morning, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, attended the Defence Industries Corporation of Nigeria (DICON) Diamond Jubilee Anniversary and the inaugural Africa Defence Industries Conference. The event, held at the Shehu Musa Yar’adua Centre in Abuja, marks a significant milestone in Nigeria’s defense sector, celebrating 60 years of DICON’s contributions to national security.

A key highlight of the event was the introduction of the new DICON Act, recently signed into law by President Bola Tinubu. This legislation mandates the local procurement of military hardware, signaling a shift towards self-reliance in Nigeria’s defense industry. The Act aims to strengthen the nation’s economy by promoting local manufacturing and reducing dependence on foreign suppliers. Additionally, it seeks to enhance Nigeria’s military capabilities by fostering domestic expertise and innovation in defense technology.

Minister Edun emphasized the importance of this policy in bolstering the economy and ensuring that the country’s armed forces are equipped with state-of-the-art, locally produced military hardware. The initiative is expected to create jobs, boost the local economy, and position Nigeria as a leader in defense technology within the African continent.

The event also brought together key stakeholders from the defense sector across Africa, highlighting Nigeria’s commitment to advancing regional security and cooperation.