STI: Federal Govt To Implement 0.5% Of GDP For R&D

The federal government has moved to actualise the 0.5 per cent of Nigeria’s Gross Domestic Products(GDP) earmarked to improve Research and Development (R&D) in order to fast-track Nigeria’s drive to industrialization through Science Technology Innovation(STI).

President Muhammadu Buhari revealed this in his speech while declaring open the 7th Edition of the Science, Technology and Innovation Exposition (Expo 2023), which commenced in Abuja on Monday with the theme “Actualising Effective Diversification of the Nigerian Economy Through Science, Technology and Innovation (STI)”.

The 5-day exposition is aimed to bring to the fore the capabilities of Nigerian scientists, engineers, inventors/innovators in contributing to the economic diversification of Nigeria; Promote collaboration among research institutions, researchers/inventors and investors to facilitate the growth of indigenous manufacturing and commercialisation of Nigerian

products.

It is also aimed to support technology transfer and fast-track the implementation of the National Science, Technology and Innovation Road Map 2030.

President Buhari, who was represented by his Chief of Staff, Prof Ibrahim Gambari, said that the dedication of the 0.5 per cent of the GDP to R&D and the increase in the budgetary allocation to the Ministry of Science, Technology and Innovation have demonstrated   his administration’s resolve to diversify and develop the Nigerian economy through STI.

President Buhari said “I would like to inform you that we have made an effort in actualizing this through our communication to the National Economic Council to come up with modalities in achieving this noble intention of the government.”

The President also said his administration placed special premium on the STI sector for the utilization of Nigeria’ local materials and personnel, which was why he signed the Executive Order Number 5, in February 2018 for the “Planning and Execution of Projects, Promotion of Nigerian Contents in Contracts, Science Engineering and Technology”.

“It is on record that this Order did not only strengthen and support scientists, it has strengthened other professionals, and encouraged inter -professional collaboration towards building the capacities of Nigerians and creating opportunities for all,” he added.

President Buhari noted that the inauguration of the Presidential Monitoring and Evaluation Council (PMEC) on October 14, 2021 and the establishment of the six Technology and Innovation Centers of Excellence across the six geopolitical zones of the country by his administration was to foster stakeholder’s dialogues to proffer solutions for industrialization of the county towards job creation and wealth generation in order to arrest youth restiveness and social vices in the country.

The President also congratulated the winners of this year’s 774 Young Nigerian Scientists Presidential Awards(774-YONSPA) and commended their competitive spirit towards academic pursuit. He announced that the candidates who emerged first, second and third respectively in the final examination of the recently concluded 774 Young Nigerian Scientists Presidential Award Competition have all been granted full scholarship up to PhD level in any science- related disciplines of their choice in any of Nigerian universities.

He also emphasised the role of the private sector in nurturing innovation in Nigeria, adding that the government has been partnering with them in investing directly as well as universities and research institutions to carry out research that will lead to the commercialisation of Nigerian products for the global markets.

The candidate that took first position went home with 1million, the second position went home with N750,000 while the third position received N500,000.

Minister of Science Technology and Innovation, Adeleke Mamora in his speech said that the expo is an endeavor to “set the country on the path of economic greatness” and pave the way to economic diversification geared towards “sustainable national social economic development.”

He noted that STI constitutes the foundation and driving force in the industrial leadership of nations and business entities as well as economic success on the global scale especially in the period of recovery from the COVID-19 interruptions.

Minister of State for Science Technology and Innovation, Henry Ikechukwu Ikoh, in his earlier remarks, said the Ministry is committed to ensuring that STI is used to drive economic growth and development in Nigeria.

He added that the expo was aimed to encourage interactions between researchers, innovators and investors with a view to commercializing research results, inventions and innovations from Nigeria’s tertiary institutions.