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.
Barrister Mohammed expressed hope that the sub-committees will 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 asserted.
He, therefore, urged the members to bring its wealth of experience to bear to ensure successful and efficient implementation.
Earlier, the Permanent Secretary, Dr. Mohammed Umar Bello said there are lots of potentials in the country but it requires funding on research and development.