FG presents over N70m cheques to 56 inventors

THE Federal Government, on Tuesday, presented cheques of over N70 million to 56 investors under its Presidential Standing Committee on Inventions and Innovation (PSCII), warning the beneficiaries not to divert the funds into other businesses except what it is meant for.

Presenting the cheques to the beneficiaries at the ministry in Abuja, the Minister of Science and Technology, Dr. Ogbonnaya Onu, said the aim was to help stimulate the interest of Nigerians to use science, technology and innovation for national development.

The minister explained that in the process to make the selection of 56 beneficiaries, the ministry placed adverts in two Nigerian newspapers on September 24, 2015, in which over 400 interested inventors and entrepreneurs submitted their applications which were thoroughly scrutinized by the committee.

Dr. Onu stressed further that after their applications were thoroughly scrutinized, members of the committee also visited each applicant with a view to authenticating their claims before decision was finally taken.

He pointed out that the gesture was to encourage and promote inventions and innovations in science and technology in the informal sector of the economy.

The minister said since inception of the programme in 2005, about 188 Nigerians across the six geo-political zones, have benefitted after satisfying the selection process.

Dr. Onu then congratulated all the beneficiaries of the 2016 PSCII grants, reminding them that the funds were given to empower them to improve, mass produce, commercialize their products and where necessary, register their patents.

According to him, government is taking this action because your success will lead to the development of Small and Medium Scale Enterprises which will in turn enhance job/wealth creation in Nigeria.

“As you are aware in all emerging economies of the world, SMEs are the greatest employers of labour and contributors to the Gross Domestic Product (GDP) of the affected countries. This money should not be used for any other thing. Our ears will be open as we monitor your progress”, he warned.