IN a bid to commercialize research results so as to boost the nation’s economy, the Federal Government, on Thursday, announced its readiness to establish a bank soon so as to fund research and development.
This, according to the Federal Government, was in line with President Muhammadu Buhari’s decision to reduce the poverty level in Nigeria.
Minister of State for Science and Technology, Barrister 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 a significant reduction in raw materials and product importation by 11% to tune the of N3 trillion in the short-term, 31% and 49% in the mid-term and long term respectively.
On the major aims of the competitiveness policy, the minister said its core mandates is to utilize Science, Technology, and Innovation (STI) in order to create wealth.