The Presidential Standing Committee on Inventions and Innovations has awarded N81, 500, 000 to 126 inventors and innovators.
Speaking at the award ceremony in Abuja, the Minister of Science and Technology, Dr Ogbonnaya Onu, said that innovations and inventions are key drivers of economic progress of any nation, adding that many developed nations such as India, as well as China, and South Korea, recognized the potential of innovation and applied it to building their respective nations.
According to him: “Innovation involves using creativity to improve the things we do in a way to promote productivity and enhance competitiveness.”
On the current economic realities facing the country, the minister eulogised the policies put in place by the Federal Government to diversify the economy and stimulate the socio-economic development of Nigeria.
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Dr Onu charged the beneficiaries of the grant, to assist in achieving the Nation’s proposed sustainable diversification programme.
He said further that the nation was clearly interested in growing a new generation of businessmen and women, who will utilise locally developed technologies to improve their business ventures.
He highlighted the need to look inward in exploring and exploiting the abundant human and material resources available in the country as a mean of diversifying the economy.
The minister also implored the beneficiaries to commercialise and improve their inventions so as to compete with others and help to reduce patronage of foreign goods.
Dr Onu further said the full commencement of the proposed National Technology and Innovation fund will boost research and development activities of innovators and innovators across the country.
Earlier, the Permanent Secretary of the ministry and Chairman of the committee, Mr Bitrus Bako Nabasu said the successful integration of Science and Technology and Innovations (STI) to national development policies will improve the socio-economic fortunes of Nigeria.
He said the award grant was to encourage Nigerians with innovative and creative ideas and achieve a technological breakthrough for the country.