FG reiterates commitment to implement 0.5 per cent of GDP for research, innovation

The Federal Government has reiterated its commitment to ensure implementation of the dedicated 0.5 per cent of the GDP allocated to the research and innovation for continuous productivity and sustainable industrial development in Nigeria

The Minister of Science, Technology and Innovation, Dr Ogbonnaya Onu, in his keynote address at the stakeholder’s forum on the Allocation of 0.5 per cent of the Gross Domestic Product(GDP) to the Science, Technology and Innovation Sector for Research and Innovation in Nigeria held in Abuja on Tuesday, said every effort should be made to put Nigeria on the trajectory of economic greatness, for the overall wellbeing and happiness of Nigerians.

Onu pointed out that all over the world, the importance and relevance of STI to nation-building cannot be overemphasised.

“The economic success as well as the industrial leadership of nations and corporate bodies, are based and driven by STI”.

“It is well known that countries which have made giant strides in sustainable economic development owe such feat to heavy investment in STI”.

“This guarantees continuous economic growth and promotes inclusive and sustainable industrial development.”

Onu further emphasised that Nigeria with an estimated population of over 200 million people, is endowed with abundant natural and human resources.

“In spite of these endowments, Nigeria is still underdeveloped. This is because endowment with natural resources alone does not make a nation either great or truly developed.

“Hence, in order to realise the true greatness of our dear nation, STI must be effectively deployed and utilised for nation-building.

“The National Science, Technology and Innovation (STI) Policy articulates the establishment of both the National Research and Innovation Council (NRIC) and the National Research and Innovation Fund (NRIF).

“These will help the realisation of a viable National System of Innovation, focusing on inclusive growth and facilitating Federal, Sectoral, Regional, State, and Local level Innovations”.

“As part of the Federal Government’s resolve to effectively deploy STI in deepening the diversification of the nation’s economy, President Muhammadu Buhari, ably represented by the Vice-President, Professor Yemi Osinbajo, at the Federal Ministry of Science, Technology and Innovation (FMSTI) Annual Technology and Innovation Expo held in March 2021, declared that a minimum of 0.5 per cent of the nation’s Gross Domestic Product (GDP) would be allocated to research and innovation. This is to ensure continuous productivity and sustainable industrial development of Nigeria.

“This is in line with the decision taken at the African Union’s Executive Council in 2006 to establish a target for all member States of 1 per cent of GDP investment in Research and Development.

“This important meeting offers us the opportunity to work out strategies for attaining the implementation of 0.5 per cent of the GDP to Science and Technology sector for research and innovation in Nigeria.

“This will promote and facilitate creativity, innovation, invention, and progress with the attendant socio-economic benefits of achieving an all-inclusive and sustainable economic growth and development.”

Earlier in his remarks, Minister of State, Science, Technology and Innovations, Mohammed Abdullahi, also said it is on record that a report by UNESCO indicates that a robust investment by countries in Research and Development (R&D) infrastructure directly contributes to the nation’s sustained growth and creates employment opportunities.

According to him, Nigeria spends far less than 1 per cent of its GDP towards R&D; and hence, the national R&D capabilities have been undermined by underfunding thereby resulting to low standard of living of its citizenry when compared to Africa Union’s 1 per cent Gross Domestic Product recommended for R&D Expenditure for its member states.

“The global economic landscape is experiencing rapid changes; globalization, especially, is creating considerable new opportunities and new challenges.

“Its impact on national economies is driven by significant progress in Science, Technology and Innovation (STI) as exemplified by a plethora of technological breakthroughs.

“It is therefore obvious that if Nigeria, given its natural endowments, is to successfully transform its economy and takes her rightful place in the comity of nations, STI and its integration in national socio-economic development processes must be accorded the highest priority through adequate funding of Research and Development Sector.

“In other words, we must emulate countries like China, Singapore, and other Asian Tiger Countries, by taking a decisive action in investing heavily in Research and Development sector in order to put the Nation on the path of a viable and sustainable economic growth and rapid transformation.”

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