President Bola Tinubu, on Thursday, signed the Defence Industries Corporation of Nigeria (DICON) bill into law.
The approval of the President was confirmed in a statement released by presidential spokesperson, Anjuri Ngelale.
Ngelale revealed that the corporation’s law was initially enacted in 1964 and was revised as the DICON Act in chapter 94 of the laws of the federation, 2004.
According to Ngelale, the bill which repeals and replaces the initial law empowers the defence corporation to manufacture, store, and dispose of ordnance.
The statement reads, “[It] 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 an application that leads to commercialization and the development of new military technology and capacity in Nigeria.
“Provide a comprehensive regulatory framework for the regulation of the manufacturing, distribution, storage, and disposal of defense articles in Nigeria.
“Incentivize the development of a nuanced financing architecture that enables private capital to facilitate research, development, and production in the defense sector in a transparent and predictable fashion.”
The bill was passed by the ninth national assembly led by former president of the senate, Ahmad Lawan.
Last week, the deputy speaker of the House of Representatives, Benjamin Kalu, appealed to Tinubu to sign the defence corporation and army trust fund bills into laws.