power supply

By Emmanuel Elebeke

The Minister of Science, Technology and Innovation, Dr. Ogbonnaya Onu, has said that implementation of 0.5% GDP on Science, Technology and Innovation will guarantee sustainable economic growth and industrial revolution.

The Minister stated this on Tuesday, at the Consultative Meeting On the Provision of Minimum Of 0.5% Of GDP for Funding Science, Technology and Innovation Sectors In The Country, held in Abuja.

He said the ministry is fine-tuning strategies that will see to attainment of the implementation of the 0.5% (GDP) approved by the President in 202, which is targeted at promoting creativity, Innovation together with the attendant benefit of achieving national socio-economic development.

Recall that President Muhammadu Buhari at the 2021 edition of the Annual STI Expo, declared that 0.5% of the country’s GDP will be channeled towards the development of STI to ensure continuous productivity and sustainability of the Nation.

He stated that 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.

READ ALSO: Subsidy: Labour’s planned nationwide protest, misplacement of priority — Onuesoke

According to the Minister, the decision to increase the nations 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.

For him, the meeting offered the opportunity to work out strategies for attaining the implementation of 0.5% of the GDP to STI sector.

Earlier the Minister of State, Barr. Mohammed Abdullahi said that STI and its integration in socio-economic development process must be accorded the highest priority through adequate funding in R&D sector.

He added that Nigeria must emulate countries like China, Singapore and other Asian countries, by taking a decisive action in investing heavily in STI; this will put the nation on a path of a viable and sustainable economic growth.

 According to the Minister, 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.

Earlier in his goodwill message, the Katsina State Commissioner for STI, Education and Rural Development, Engr. Mustapha Mahmud Kanti Bello,  said the increased funding for STI is a welcome development that could unlock the economic potentials in the country.

The Gombe state commissioner of Science, Technology and Innovation, Dr. Aishatu Umar Maigari commended the Ministry for his leadership role in driving the STI agenda in the country and called for inclusion of people who are not in the R&D sector to be partakers of the increased funding for STI. 

The meeting was attended by Commissioners of science, Technology and Innovation from the 36 state of the federation, including the FCT among heads of agencies and directors in the ministry.


Subscribe to our youtube channel


Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.