President Muhammadu Buhari has disclosed that Nigeria will begin to dedicate 0.5 percent of Gross Domestic Product (GDP) to the Research and Development to fast-track meaningful development
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Buhari stated this in his address at the opening ceremony of the 2023 Science, Technology and Innovation Expo on Monday in Abuja.
Buhari who recalled the 5th Edition of the Science, Technology and Innovation Expo 2021, said:, ‘’in tandem with the decision made by the African Union Executive Council in 2006 to establish a target for all member states of 1% of GDP investment in Research and Development (R&D) in order to improve innovation, productivity and economic growth.
Buhari therefore, reiterated that having come to terms with the challenges of this critical sector of the economy, the government will henceforth dedicate 0.5% of the nation’s GDP to R&D in order to fast-track meaningful development”.
“We have made effort in actualizing this through our communication to the National Economic Council to come up with modalities in achieving this noble intention of government”.
The President also congratulated the winners of the year 2023’s 774 Young Nigerian Scientists Presidential Award (774-YONSPA) as he commended their creativity and competitive spirit towards their academic pursuit to become future scientists, engineers and technologists to better the lots of our nation.
“I am pleased to announce that the candidates who emerged first, second and third respectively in the final examination of the recently concluded 774 Young Nigerian Scientists Presidential Award Competition have all been granted full scholarships up to Doctor of Philosophy (PhD) level in any science-related discipline of their choice in any of our universities.
“It has been the practice of my administration as we do award scholarships since the maiden edition of the Science, Technology and Innovation Expo in 2017, to the three best students”. He added.
Meanwhile, the Minister of Science and Technology and Innovation, Dr Adeleke Mamora also described Science and Technology as a pathway for the country’s economic emancipation.
Mamora explained that science and technology is a launch pad to greatness and if properly harnessed would place Nigeria at par with the developed countries.
He said the present administration has done a lot to improve the sector which has led to massive innovations in the past few years and called on players in the sector to remain committed
He tasked researchers and innovators to remain focused and improve on the quality of their products to attract foreign investors.
Also, The Director General National Biotechnology Development Agency, Prof Abdullahi Mustapha while addressing the media, said the agency has recorded milestone achievements adding that if the country remains in this trajectory, science and technology can be a critical sector for economic development.
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