Federal government said it will dedicate 0.5 per cent of the nation’s Gross Domestic Product (GDP) to research and development in science and technological innovations.
The secretary to the government of the federation (SGF), Senator George Akume, made this known at the opening ceremony of the 8th edition of the Technology and Innovation Expo 2024 at Eagle Square, Abuja.
Addressing international community and local research, science and technology innovators, institutions and organisations at the event, the SGF said the decision to provide 0.5 percent for local R&D in Science, Technology and Innovation (STI), is in line with the African Union Executive Council goal for member states to allocate one percent of their GDP investments in to R&D to improve innovation, productivity and economic growth.
On the expo’s theme “STI: Solution to National Economic Challenges” Akume said that it was apt since innovations in the science and technology field are pivotal to economic growth and national development.
“This administration prioritizes innovation as a driving force for actualizing our target socio-economic progression. And because of its job-creating potential, we have improved the budgetary allocation to this sector as leverage for quickly taking our teeming populace out of poverty, thereby taming the tides of restiveness in the country.
“As the crucial apparatus for modern-day socio-economic (Innovation, Science and Technology) advancement will continue to receive our support in the promotion and utilization of innovations and inventions carried out through local R&D to enhance indigenous capacity and capability in tandem with the provisions of the Presidential Executive Order No 5, which places Nigerian professionals and manufacturers at the center of Nigeria’s economy.”
Akume added that the government will support the commercialisation of locally innovative products, goods and services of researchers, inventors and innovators exhibited at the expo.
Meanwhile, the minister of Science, Technology and Innovation, Uche Nnaji said by allocating 0.5 percent of the nation’s GDP to R&D, the federal government is proactively investing in the foundations of sustainable economic growth.
“This financial commitment underscores the understanding that continuous productivity and sustainable industrial development are pertinent to advancements (the nation’s) Science, Technology and Innovation.”
As part of the efforts to promote interest and innovation in science amongst Nigerian students, the ministry, via its Young Nigerian Scientists Presidential Award (774 YONSPA), has awarded three students cash prizes of N1 million, N700,000 and N500,000, respectively, in addition to a federal government scholarship up to Ph.D., level.
Winners included in third place, Faith Abayomi from Ogun State; second position, Jameel Ugene (FCT); and in the first position, Abdulrahman Faduwa Ayodeji (Lagos). The three students emerged winners out of 774 students from the 774 local governments that participated in the competition.
The 8th edition of the Technology & Innovation Expo runs from March 11 to 15.
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