FG to allocate 0.5% STI GDP allocation to research, development

President Muhammadu Buhari has assured Nigerians of the Federal Government’s commitment to ensuring STI is used to drive economic growth and development.

The Federal Government will henceforth allocate at least 0.5 percent of the Nation’s GDP to research and development as a means of fast tracking meaningful developments.

This was disclosed by President Muhammadu Buhari who was represented by his Chief of Staff Ibrahim Gambari at the opening ceremony of seventh edition of STI expo 2023 in Abuja.

Over the years Nigeria’s reliance on oil and gas sector drive growth by, has resulted in her relegating other sectors and developing a mono-economy.

Also, Buhari underscored the important role of the private sector, saying it cannot be over-emphasised in nurturing innovation in Nigeria, hence, “government has been partnering with them in investing directly as well, as our universities and research institutions to carry out research in areas of greatest needs for the nation.

The STI sector has particularly suffered as successive administrations have paid little or no attention to it.

This continued until the Buhari Administration came into power in 2015, which h coincided with a drastic drop in oil prices globally.

Diversification of the Nation’s resources for economic growth became the focus of this administration in order to ensure a sustainable future .

And one of the ways Ministry of STI hopes to achieve this is through this expo which showcase the works of researchers and innovators, including the latest inventions in order to attract investors and funding from both private and public sectors .

President Muhammadu Buhari is represented at this year’s inaugural event by his Chief of Staff, Ibrahim Gambari. To Begin Implementation of 0.5% STI GDP Allocation.

He recalled that the decision to dedicate 0.5 per cent of Nigeria’s GDP to research and development was made during his speech at the fifth edition of the STI expo 2021 in tandem with the decision made by the African Union Executive Council in 2006 to establish a target for all member states of 1 per cent GDP.

He disclosed that Federal Government will dedicate 0.5 percent of the Nation’s GDP to research and development, in order to fast track meaningful development.

The Ministry’s supervising ministers urged researchers and innovators to work hard and be more creative as they have the Ministry’s support to ease their burden on research.

Students who won the STI competition across the country were given awards and scholarships to tertiary institutions and PHD levels.

Other students were encouraged to work hard and never give up on their dreams .

President Buhari declared that his administration will continue to assist science, technology, and innovation sectors by offering chances in order to increase national competitiveness and productivity in all sectors of the economy.