President Bola Tinubu has given his assent to the Defence Industries Corporation of Nigeria (DICON) Bill, 2023.
The new legislation replaces the previous iteration of the DICON Act and grants enhanced powers to the Defence Industries Corporation of Nigeria.
Established on August 1, 1964, by an Act of Parliament, DICON is mandated to operate, maintain, and control subsidiaries and ordnance factories for the manufacturing, storage, and disposal of ordnance and ancillary materials. The updated Act introduces key provisions, including the establishment of the Defence Industry Technology, Research, and Development Institute (DITRDI). This institute is tasked with building a robust scientific and research-based technological foundation for Nigeria’s defence industry, leveraging multidisciplinary research for the development of new military technology.
The Defence Industries Corporation of Nigeria Act, 2023, also introduces a comprehensive regulatory framework for the manufacturing, distribution, storage, and disposal of defence articles in Nigeria. Additionally, it aims to encourage the development of a nuanced financing architecture, allowing private capital to facilitate research, development, and production in the defence sector transparently and predictably.
The bill was sponsored by Hon. Babajimi Benson (APC – Ikorodu Federal Constituency), the Chairman of the House of Representatives Committee on Defence. The new legislation signifies a crucial step towards advancing Nigeria’s capabilities in the defence industry and fostering innovation and development in this strategic sector.
