Sustainable implementation of executive order 5 to fast-track economic progress ― FG

The Federal Government has assured Nigerians that sustainable implementation of Presidential Executive Order- 05 will lift Nigeria’s research and fast-track economic progress to a desirable goal.

The Minister of Science, Technology and Innovation, Dr Olorunnimbe Mamora in his speech at the Flag-off of the National Dialogue Between Government and Other Stakeholders in the Science, Technology and Innovation Ecosystem on Tuesday in Abuja said the trajectory in business and research and development(R&D) are the main drivers of innovation including sound policies thereafter from good technological progress towards accelerating the goals of sustainability and shared prosperity, and this was the reason for the establishment of the Presidential Executive Order-5.

The National Dialogue is also to serve as an avenue for the Promotion of Technology Utilization, Strengthening of Technology Management and Information Systems, the facilitation of Commercialization and Global Competitiveness, as well as Strategies for full implementation of EO-5.

Momara said although, it is the first dialogue ever to be held in line with the E0-5, it has also become important for STI to play an important role in the fiscal and monetary policies of the country for a better today and tomorrow.

According to Mamora, over the years, the role of STI in the developmental agenda of the nation has been relegated.

“However, the dwindling revenue base and decline in foreign exchange earnings of the country, calls for serious concern, hence, the need to look inwards at the active impact Science, Technology and Innovation (STI) can play in reversing these trends.

“The theme of this flag-off “Achieving Nigeria’s Competitiveness and Improved Foreign Exchange Earnings through Science, Technology and Innovation” is very apt, and will enable stakeholders to produce an effective and efficient National Strategy document to support the Monetary, Fiscal as well as trade policies of government for a better and improved economy in order to develop convergence points. The Technology and Innovation centres established under the Presidential Executive Order No.5 and the 2022 STI policy.”

Mamora further explained that the Global Competitiveness Index for Nigeria, though low, is currently targeted at making policymakers and other stakeholders work together to achieve short-term growth and focus on long-term prosperity for the country.

“It is equally important to note that there are declining trends in several areas of productivity which have not resulted in improved economic development. This is why this administration is innovating with a view to having a shift in policies most importantly the STI for economic recovery and growth.

“Let us not forget in a hurry that the economic transformation of the country should give a measure of readiness to move to a greater height to drive productivity, sustainability and shared prosperity, thus achieving the aim of this government.

“However, the COVID-19 pandemic made a negative impact on businesses and thereafter stalled progress. This administration of President Muhammadu Buhari had shown and improved the Government’s responses to change, and collaboration between the government and investors including firms.

“Social safety net protection and sound financial institutional framework have been tailored towards the economic transformation of the country. More needs to be done to achieve our desired goal.

“Research and development capacity and capability of the country based on governance and planning as well as an adequate health system are being put in place to contribute resilience in all sectors.

“In 2019, the economic recession caused by COVID-19 continues to have an impact on the economic and social consequences of the people. The outbreak of the pandemic had led to high unemployment rates and poverty thereby reversing the gains achieved over the past few decades.

“The pandemic showed the inadequacies of infrastructure and policies, ranging from social protection systems to healthcare. The pandemic and its aftermath have shown that not much has been invested in the requisite innovation that could make our societies more inclusive, sustainable and resilient.”

Similarly, the Minister of State for Science, Technology and Innovation Chief Henry Ikechukwu Ikoh in his welcome address noted that it is certain that any country that needs to be developed technologically must make drastic efforts and commitments toward developing its indigenous STI base, as, without it, there will be no meaningful sustainable development.

He said It is on this backdrop that Mr President issued Executive Order No.5 and inaugurated the Monitoring and Evaluation Council (PMEC) for the implementation of the Presidential Executive Order No.5 (EO-5) to assist in taking steps to create quality Jobs for the youth and Women, improve on value addition to raw materials, reduce poverty, and create jobs towards National Wealth Creation resulting from Global Competitiveness of Nigerian Goods and Services.

“The theme of the Dialogue is “Achieving Nigeria’s Competitiveness and Improved Foreign Exchange Earnings through Science, Technology and Innovation.”

This, he said has been specially selected to enable participants to produce an effective and efficient national strategy document which will guide the use of science, technology and innovation to support the monetary and fiscal policies of the Central Bank of Nigeria, fiscal policies of the Federal Ministry of Finance, Budget and National Planning as well as the Trade Policies of the Federal Ministry of Industry, Trade and Investment, in order to resolve some of the country’s economic problems.

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