By Dele Ogbodo
President Bola Tinubu on Monday reaffirmed his commitment to dedicate 0.5% of the country Gross Domestic Product (GDP) to funding Research and Development (R/D) across different sectors of the economy.
The President made the pledged while declaring open the 2024 Science, Technology and Innovation Expo at theEagles Square in Abuja
Represented by the Secretary to the Government of the Federation, Senator George Akume, he said: “In tandem with the decision made by the African Union Executive Council in 2006 to establish a target for all members states of 1% of GDP investment in Research and Development R/D to improve innovation, productivity and economic growth, therefore, we want to reiterate that having come to terms with the challenges of this critical sector of the economy, we will henceforth dedicate 0.5% of our GDP to R/D to fast track meaningful development.”
He acknowledged that his predecessor, the former President, Muhammadu Buhari, made a significant effort in actualizing this by communicating the decision of dedicating 0.5% of our GDP to Research and Development to the National Economic Council (NEC) to come up with modalities in achieving this noble intention of Government.
Tinubu, added that government would intensify efforts in drawing NEC’s attention to hasten this dream’s actualization to strengthen the Innovation, Science and Technology (IST) Sector.
According tpo him, this year’s theme for the event, “STI: Solution to National Economic Challenges”, is apt given our challenging economic circumstances and the technological status of our country compared to our contemporaries, adding that innovation, flowing from science and technology, is indisputably the fulcrum of economic growth and national development.
He said: “Hence, my administration prioritizes it as a driving force for actualizing our target socio-economic progression. And because of its job-creating potential, we have improved the budgetary allocation to this sector as leverage for quickly taking our teeming populace out of poverty, thereby taming the tides of restiveness across the country.
“To match words with actions, on the assumption of duty as the President, we signed a Memorandum of Understanding (MOU) with the Republic of Cuba to enhance collaboration between the two countries on science and technology.”
“I would like to reiterate that with our Renewed Hope Agenda, Innovation, Science and Technology as crucial apparatus for modern-day socio-economic advancement will continue to receive our support in the promotion and utilization of innovations and inventions carried out through local Research and Development to enhance indigenous capacity and capability in tandem with the provisions of the Presidential Executive Order No. 5 (2018).”
According to the President, the Order unarguably places Nigerian professionals and manufacturers at the centre of the Nigerian economy, hence, it serves as an instrument to midwife a new renaissance for transforming our economy from consumption to production driven by innovation.
He said: “I am aware that the Federal Government, at the 5th edition of the Science, Technology and Innovation Expo 2021, declared that “In tandem with the decision made by the African Union Executive Council in 2006 to establish a target for all members states of 1% of GDP investment in Research and Development (R&D) to improve innovation, productivity and economic growth, therefore, we want to reiterate that having come to terms with the challenges of this critical sector of the economy, we will henceforth dedicate 0.5% of our GDP to R&D to fast track meaningful development”.
Whiel congratulating, the winners of this year’s 774 Young Nigerian Scientists Presidential Award (774-YONSPA). He added: “I am happy with your dedication and performance at the selection examination. I commend your creativity, competitive spirit and strength in your academic pursuit of becoming future scientists, engineers, and technologists to better the lot of our nation. It has been our custom since the maiden edition of the Expo in 2017 to support your career progression; therefore, I am pleased to announce that the candidates who emerged first, second and third, respectively, in the final examination of the 774-YONSPA Competition have all been granted full scholarship up to Doctor of Philosophy (level in any science-related discipline of their choice in any of our universities.”
Tinubu expressed happiness at the inventions and innovations displayed Researchers, Inventors and Innovators, adding: “I assure you that the Government will do everything within the ambit of the law to give you the needed support required for commercializing these products, goods, and services, I want to congratulate all of f you as winners of the 2024 Expo services, given the quality of the products on display.”
In his remarks, the minister of Innovation, Science and Technology, Chief Uche Nnaji, said his event is more than just an hibition; it is a driving force for the Renewed Hope Agenda championed President Bola Ahmed Tinubu,
He said the rise of economic powerhouses worldwide is no accident, adding that their driving force has been Science, Technology, and Innovation (STI), which propels nations and businesses to economic prosperity.
“From driving industrial growth to unlocking sustainable development, the power of innovation is undeniable. Nations prioritizing STI investments reap the rewards of continuous productivity growth and equitable industrial development.
“STI prioritization is, unarguably, the key to unlocking sustainable prosperity, and a path we must embrace for our future. On this premise, the theme of this year’s Expo, “STI: Solution to National Economic Challenges,” beckons us to recognize the transformative potential of Science, Technology, and Innovation in addressing the economic hurdles that our country faces.
“This theme encapsulates the belief that by strategically integrating STI into our economic policies and practices, we can chart a course toward sustainable development, ensuring our nation’s resilient and prosperous future.
“Looking at the experiences of Japan and some other Asian countries is helpful, as these countries have invested significantly in their economies’ Research and Development (R&D) sector, and we can see the positive impact it has on their solid economic positions globally.
“The theme of this year’s Expo emphasizes the importance of learning from such examples and implementing strategic measures to harness the potential of STI for overcoming our economic challenges.
Nnaji, however acknowledged that the current economic landscape demands a paradigm shift, and the Ministry’s role becomes crucial in steering this transformative journey.
He said: “As a result, the Nigerian Government approved the Revised Science, Technology and Innovation Policy. This Policy, when properly implemented, has the power to completely transform the Nigerian STI ecosystem as it provides the appropriate channel for the fundamental re-orientation of Nigerians as well as a pathway for the socio-economic development that will usher Nigeria to its rightful place among the comity of nations.
“I must say that under the Renewed Hope Agenda and visionary leadership of President Bola Tinubu, the country has witnessed commendable strides in promoting STI ecosystems, fostering Research and development (R&D), and leveraging technology for economic growth.
“It is worth noting that the announcement made by the past administration at Techno Expo 2021 to dedicate a minimum of 0.5% of the nation’s GDP to Research and Development (R&D) aligns seamlessly with this year’s Expo theme.
“By allocating a specific percentage of the country’s income to R&D, the Government is proactively investing in the foundations of sustainable economic growth. This financial commitment underscores the understanding that continuous productivity and sustainable industrial development are contingent on advancements in STI. The dedication of resources to R&D signifies a strategic move towards actualizing the theme of the Expo, recognizing STI as a solution to our national economic challenges.”
The Minister, added that his Ministry recognizes outstanding young Nigerians in the field of science every year through a program called the Young Nigerian Scientists Presidential Award (774 YONSPA).
The students participate in competitions at the local government level, where state champions emerge. The grand finale takes place in Abuja to determine the winners. Today, the winners of 1st, 2nd, and 3rd place will receive cash awards of N1 million, N750, 000, and N500,000, respectively.