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Why Nigeria must increase GDP spending on STI – Onu

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Ogbonnaya Onu, Nigeria, Economy
Ogbonnaya Onu

By Emmanuel Elebeke

The Minister of Science and Technology, Dr Ogbonnaya Onu has called for increased spending on science, technology and innovation.

He argued that its high-time Nigeria increased its Gross Domestic Product (GDP) in Science, Technology and Innovation (STI) if it must catch up with the advanced nations of the world.

Dr Onu made the call at the Innovation fellowship for Aspiring Inventors and Researchers Fair organised by the Israeli Embassy in Nigeria in collaboration with the Office of the Vice-President of Nigeria in Abuja on Tuesday.

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Dr Onu cited the State of Israel as ‘’among the top countries in Science, Technology and Innovation because it spends over 4% of its Gross Domestic Product (GDP) on STI’’.

While commending Israel’s strides in innovation and entrepreneurship, Dr Onu said the National Board for Technology Incubation of the Ministry is making substantial progress in assisting start-ups to incubate their ideas.

In his key-note address, the Vice-President Prof. Yemi Osinbajo said that Nigeria must accord priority to Science and Technology in all sectors of the economy.

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The Vice-President, who was represented by Deputy Chief of Staff, Mr Ade Ipaye said the inputs of Science and Technology was a life-saver during the pandemic. Despite the imperfection of our Healthcare system, it was able to minimize the negative impact of the pandemic, he added.

He also said that through Economic Sustainability Plan funds were disbursed to more than 100,000 beneficiaries.

He also said that the Federal Government has begun solar power electricity that would benefit 25 million Nigerians.

Prof. Osinbajo who described Israel as a nation known for its cutting edge innovation said Israel ranked as the second most innovative country in the world.

Vanguard News Nigeria

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