THE Federal Government has announced its readiness to establish a bank to fund research and development in the country.
Government said the initiative would enhance commercialization of research results in order to boost the nation’s economy in line with President Muhammadu Buhari’s decision to reduce poverty level in Nigeria.
Minister of State for Science and Technology, Abdullahi Mohammed, announced this in Abuja during the inauguration of sub-committees under the National Committee on Competitiveness.
He explained that the raw material sector would ensure significant reduction in raw materials and products importation by 11 per cent to the tune of N3 trillion in the short-term, 31 per cent and 49 per cent in the mid-term and long term respectively.
On the major aims of the competitiveness policy, the minister said its core mandate is to utilize Science, Technology and Innovation (STI) to create wealth.
Mohammed expressed hope that the sub-committees would take advantage of the current border closure by the government, to improve on production and use of raw materials for local industries.
According to him: “The National Competitiveness Strategy requires executive drive and commitment for Nigeria to achieve the desired drive towards global competitiveness.
“This will ensure that Nigerian raw materials and products are among the best in the world and in turn, improve the nation’s foreign earnings,” he stated.
He, therefore, urged the members to bring their wealth of experience to bear in ensuring successful and efficient implementation.
Earlier, the permanent secretary in the ministry, Dr Mohammed Umar Bello, said there are lots of potential in the country but it requires funding of research and development.