President Muhammadu Buhari has said that a minimum of 0.5 per cent of Nigeria’s Gross Domestic Products ( GDP)in order to accelerate development.
The President disclosed this on Monday in Abuja while declaring open a five- day Technology and Innovation Expo 2021, organised by the Federal Ministry of Science and Technology.
The programme with the theme” Science, Technology and Innovation for Economic Recovery and Sustainability, Amidst COVID-19 Challenges” is aimed at showcasing research and development results and the products and services of inventive minds in the country.
Buhari who was represented by the vice president, Yemi Osinbajo, said that the federal government had made considerable improvement in budgetary allocation to the ministry noting that the measure” has helped increase research and Innovation with the aim of achieving development.
” We are happy that this has been achieved in line with the decision taken by the African Union’s Executive Council in 2006 to establish a target for all member states of 1 per cent of GDP for Investment in research and development in order to improve Innovation, productivity and economic growth.
According to him, only a few African countries have met this target,but as a result of the challenges of this critical sector of the economy,we will allocate a minimum of 0 5 per cent of our GDP to research and Innovation as a way to fast track meaningful development.
” In February 2018, I issued Executive Order No 5( EO5) by which all Ministries, Departments and Agencies ( MDAs) of government were directed to engage Indigenous professionals in the planning,design and execution of national security projects and maximize in- country capacity in all contracts and transactions with science, engineering and technology components.”
He assured ” This administration will continue to support the Technology and Innovation sector by expanding the opportunities open to those working in those fields
The president said that the expo is a practical demonstration of his government’s commitment and urged participants to be steadfast as the governmentt has confidence that their results,products and services would help make Nigeria a truly great nation respected all over the world.
Earlier, the Minister of Science and Technology,Dr Ogbonnaya Onu said the event was important and historic
Onu said the Expo had over the years impacted significantly on Nigeria’s quest to achieve self sufficiency and self- reliance and thanked the president for promoting science and technology in the country.
Highlight of the event was the presentation of prizes to first, second and third positions of the 774 Young Nigerian Scientists Presidential award by the president.
Edeani Godswill representing Enugu State was awarded the first position while Akinwade Tomisin representing Ondo State and Etukudo Emmanuel representing the Federal Capital Territory FCT took second and third positions respectively..
