The Nigerian Army (NA) has affirmed its commitment to collaborating with reputable entities in the Defence and Security Industry to acquire necessary equipment, thereby bolstering its operational efficiency…CONTINUE READING....KINDLY READ THE FULL STORY HERE▶

In a statement released on Tuesday, Brigadier General Onyema Nwachukwu, the Director of Army Public Relations, conveyed that Lieutenant General Taoreed Lagbaja, the Chief of Army Staff (COAS), disclosed this during the Army Headquarters Fourth Quarter 2023 Procurement Seminar.

The seminar, held at the Army War College Nigeria in Abuja, centered on the theme, “Implications of the New Central Bank of Nigeria Foreign Exchange Policy on International Trade: Challenges for the Nigerian Army.”

General Lagbaja emphasized the critical role of government policies in achieving the constitutional mandate of the Nigerian Army, highlighting the recent Foreign Exchange Policy of the Central Bank of Nigeria.

This policy has posed challenges for NA contracts involving foreign exchange, leading to unfavorable variations in payment requests.

The COAS underscored the necessity of fostering mutual understanding of CBN policies among stakeholders, citing this as the rationale behind the chosen seminar theme.

He expressed confidence that the seminar would encourage a renewed commitment to establishing and sustaining an efficient procurement system adhering to international best practices.

Major General Adeyinka Adereti, the Director of Procurement, outlined the seminar’s objective: enhancing participants’ comprehension of operational contract support in a dynamic global context.

He emphasized that public procurement and foreign exchange policies and regulations remain instrumental in guiding contract awards and platform procurement, ultimately enhancing NA operations and capabilities.

Major General Adereti highlighted the evolving nature of global procurement processes due to changes in the international system and the prevailing security climate, emphasizing the seminar’s significance in adapting to these transformations.

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