The Minister of Science, Technology and Innovation, Dr. Ogbonnaya Onu has stated that the application of 0.5% Gross Domestic Product (GDP) on technological innovation will boost socio-economic development in the nation.
Onu affirmed that the implementation of 0.5% GDP will bring about sustainable economic growth and industrial revolution.
He disclosed this on Tuesday, at the consultative meeting on the provision of a minimum of 0.5% of GDP to fund science, technology and innovation sectors in the country, held in Abuja.
Investors King recalls that at the 2021 edition of the Annual STI Expo, President Muhammadu Buhari stated that 0.5% of the country’s GDP will be used for the development of STI as a measure to grow the nation’s productivity and economy.
The minister noted that the ministry is strategising for its attainment which will improve creativity, innovation and development of the nation.
“Countries that have made giant strides in sustaining their economy invest heavily in STI Sectors, which has guaranteed their continuous growth as well as sustaining their industrial growth.
“The decision to increase the nation’s STI funding was taken at the African Union’s executive council in 2006 to establish a target for all member states to allocate at least 1% of the GDP investment in research and development,” Onu said.
In his remarks, the Minister of State, Barr. Mohammed Abdullahi stated that STI should be prioritised and properly funded in order to reap its benefits.
Abdullahi enjoined Nigeria to deliberately invest heavily in STI, adding that such step will boost the nation’s economy tremendously as done in some Asian countries like China, Singapore
“The Federal Government has resolved to allocate 0.5% to R&D sector in a bid to fully actualise her diversification agenda, as part of its effort to put the country on the pedestal of global competitiveness,” he said.
At the event, all the Commissioners of Science, Technology and Innovation from the 36 states of the nation, including the FCT as well as heads of agencies and directors in the ministry were present.
