President Bola Ahmed Tinubu has announced that his administration would henceforth dedicate 0.5% of the country’s Gross Domestic Product (GDP) to Research and Development (R&D) to fast-track meaningful development.
The president said this is in tandem with the decision made by the African Union Executive Council in 2006 to establish a target for all member states of 1% of GDP investment in Research and Development (R&D).
He said dedicating 0.5% of the GDP is to improve innovation, productivity and economic growth because the administration has come to terms with the challenges of this critical sector of the economy.
Tinubu said as a government, he would intensify efforts in drawing the National Economic Council’s attention to hasten the dream of actualisation to strengthen the Innovation, Science and Technology (IST) Sector.
The President disclosed this on March 11, in Abuja at the Science, Technology and Innovation expo.
President Tinubu who was represented at the occasion by the Secretary to the Government of the Federation (SGF), Sen. George Akume said the government would promote the application of the National Policy on Welding and Welding Related Fields to hasten innovation, lessen unemployment and reduce capital flight.
The Minister of Science, Technology and Innovation, Chief Uche Nnaji said over the years, Nigeria has shown promising signs of a bright future by using Science, Technology, and Innovation (STI) as a driving force for its abundant natural and human resources.
He said however that for the potential to fully blossom, the country needs a supportive work environment that encourages applying the skills gained through STI.
He added: “Looking at the experiences of Japan and some other Asian countries is helpful, as these countries have invested significantly in their economies’ Research and Development (R&D) sector, and we can see the positive impact it has on their solid economic positions globally. The theme of this year’s Expo emphasizes the importance of learning from such examples and implementing strategic measures to harness the potential of STI for overcoming our economic challenges.
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