FG to invest N924bn in science, technology in five years – The Punch

Punch Newspapers
punchng.com © 1971-2020 The Punch newspaper
The Federal Government has said it will invest N924bn in science and technology in five years.
It disclosed this in its ‘National Development Plan 2021-2022, Volume I,’ saying allocations would be made to priority projects in the sector as well as projects crucial to its operations.
The Federal Government said, “To achieve the goals outlined in Science and Technology during the plan period, the total public investment is estimated at N924bn. Allocations have been made to priority projects in the sector as well as projects essential to the operations of the relevant government MDAs both at the federal and state levels.
“In addition, MDAs shall explore funding options, which include pooled blended (public-private-development sector) innovation trust fund, strategic options for pre-tax levies on medium and big technology-related/ manufacturing companies, subventions from existing funds (TETFund, Petroleum Trust Fund and Ecological Fund, etc.) and Disbursement of TETFund’s existing $3.9m research fund to universities.”

It said it was partnering with states to create pilot technology incubation centres to strengthen technological development in the nation.
It said science, technology and innovation in Nigeria was suffering from weak policy implementation and limited funding for research and development.
According to the government, research and development is the major pillar upon which science, technology and innovation stands on.

It noted that the world’s average gross expenditure on research and development as a percentage of GDP was 1.68 per cent while that of Nigeria was 0.13 per cent in 2007.
It said, “The funding challenge also extends to lack of long-term capital and high cost of borrowing to fund commercialisation of scientific inventions that emerge from research in public research institutions, and ineffective partnership among stakeholders such as government, industry and academic institutions.
“The limited adoption of locally developed technologies is also discouraging to the modest local STI efforts. The Science, Technology, Engineering and Mathematics curriculum from the primary to the tertiary levels requires significant fine-tuning, and most researchers need further exposure to modern teaching and scientific techniques.”

The government said Nigeria would pursue an aggressive agenda of accelerated science, technology and innovation, laying the foundation for a science-based and ready workforce that could apply scientific thought and concepts to solve a broad sub-set of Nigerian problems.
“The country will support the evolution of the national system of innovation by creating the factors and conditions essential for innovators, creators, scientists and technologists to translate ideas into products and services that scale into national and global markets,” it added.
The Federal Government described the collaboration with state governments as crucial to achieving its national policies on science, technology, and innovation.
According to it, states will have to provide an enabling environment for a mature funding ecosystem to evolve and support the conditions for at least five new incubators and innovation hubs in every state, which are focused on creating the support ecosystem (research, universities, government, funders) for entrepreneurs to thrive.

“Collaboration between state, local and federal government on curriculum development for primary, secondary, tertiary (vocational and technical education) and higher education that will improve Nigeria’s scientific, technological and innovation base remains important,” it said.

Copyright PUNCH.
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
Contact: [email protected]
FOREX, BITCOIN AND BINARY TRADING: We help you professionally trade your forex, bitcoin and binary accounts for 20% weekly profit. For details, visit www.standfx.com. Whatsapp +2348030797998
punchng.com © 1971-2022 The Punch Newspaper
By submitting you agree to our privacy policy

source