FG Says Revised STI Policy will Transform Ecosystem for Socio-economic Development

Dr. Olorunnimbe Mamora, the Minister, Federal Ministry of Science, Technology and Innovation, STI, has stated that the newly approved 2022 Revised Science, Technology and Innovation Policy when fully implemented, will completely transform the Nigerian STI ecosystem as it will provide the appropriate channel for fundamental re-orientation for the socioeconomic development that will usher Nigeria to its rightful place among the comity of nations.

Momora stated this at the ongoing 7th Edition of the Science, Technology and Innovation Expo 2023, held at the Eagle Square in Abuja.

He noted that over the years, Nigeria as a Country has shown signs of great future with the utilization of Science, Technology and Innovation as the catalyst for development of its abundant natural and human resources.

He said that countries that have made significant progress towards sustainable economic development, owe their success to significant investments in STI, which ensures uninterrupted increase in productivity and possibility of equitable and sustainable industrial development.

The Minister pointed out that Science, Technology and Innovation are the foundation and propelling force for industrial leadership of nations and business entities as well as economic success on the global map.

He stated that the importance of STI all over the world cannot be overstated saying that it is based on this premise that the choice of the theme of this year’s Expo “Actualizing Effective Diversification of Nigeria Economy through Science, Technology and Innovation” was hinged.

He said that the gathering of Scientists, Researchers, Inventors, Innovators, Investors Entrepreneurs, and citizens of Nigeria, would provide the opportunity to set the path of economic greatness in the country.

According to him developing the country’s technology sector  must be supported by a conducive working environment that encourages the application of the skills acquired through STI.

Using the experiences of Japan and a few other South East Asian nations, Mamora they are very instructive in this regard, as they dedicate huge investments to the R&D sector of their economies, and the resultant effect could be been seen in their economic growth and development in the world today.

He explained that, “As part of the Federal Government’s resolve to effectively deploy STI in the diversification of the nation’s economy, the current administration at the Techno Expo 2021, declared that a minimum of 0.5% of the nation’s GDP would be dedicated to Research and Development that would guarantee improved productivity and sustainable industrial development of Nigeria.

“This is a great landmark achievement for Nigeria’s STI Ecosystem. Major stakeholders have since commenced work on strategies for attaining the implementation of 0.5 percent of the Gross Domestic Product (GDP) for improved R&D in the country towards meeting industrial and economic demands.”

Also the Minister of State Ministry of Science, Technology and Innovation, Henry Ikechukwu Ikoh stated that government cannot do all to develop a nation, as it needs the support of its citizens, their hard work, creativity and collaboration to grow the country.

Ikoh assured that government has always put in to consideration ways to ease the burden of Research and Development to enable growth of the sector and country.

He also commended the tireless efforts of Management and staff of the Federal Ministry of Science, Technology and Innovation, and the Planning Committee for putting together the Expo.