NIGERIA TO ALLOCATE 0.5% GDP TO RESEARCH, SCIENCE, INNOVATION
The federal government of Nigeria has announced its intention to allocate 0.5 percent of the nation’s Gross Domestic Product (GDP) to research and development in science and technological innovations.
Senator George Akume, the secretary to the government of the federation (SGF), disclosed this during the opening ceremony of the 8th edition of the Technology and Innovation Expo 2024 at Eagle Square, Abuja.
Addressing both international and local participants in research, science, and technology, Akume stated that the decision to allocate 0.5 percent for local R&D in Science, Technology, and Innovation (STI) aligns with the African Union Executive Council’s goal for member states to invest one percent of their GDP in R&D to enhance innovation, productivity, and economic growth.
Regarding the expo’s theme, “STI: Solution to National Economic Challenges,” Akume emphasized the crucial role of innovation in driving economic growth and national development.
He highlighted the government’s commitment to prioritizing innovation as a means to achieve socio-economic progress, noting increased budgetary allocations to the sector to alleviate poverty and address unrest in the country.
Akume also pledged government support for the commercialization of locally innovative products, goods, and services exhibited at the expo.
Meanwhile, Uche Nnaji, the minister of Science, Technology, and Innovation, emphasized that by allocating 0.5 percent of the nation’s GDP to R&D, the federal government is investing in sustainable economic growth.
He underscored the importance of continuous productivity and sustainable industrial development in advancing the nation’s Science, Technology, and Innovation.
As part of efforts to promote interest and innovation in science among Nigerian students, the ministry awarded three students cash prizes and federal government scholarships through the Young Nigerian Scientists Presidential Award (774 YONSPA).
The winners, selected from 774 students representing each local government, received prizes ranging from N500,000 to N1 million, with scholarships up to Ph.D. level.
The 8th edition of the Technology & Innovation Expo is scheduled to run from March 11 to 15.
Source: Techeconomy
