The Federal Government has increased the country’s annual budget allocation to Science, Technology and Innovation ministry from 0.3 per cent to 0.5 per cent to promote scientific research and innovation in Nigeria. This was announced by the President of the Federal Republic of Nigeria, His Excellency, Muhammadu Buhari who was represented by the Vice President, His Excellency, Professor Yemi Osinbajo during the 2021 edition of Technology Expo held from 15th to 19th March, 2021 in Abuja. The VP added that said STI has strategic role to play in the development of any nation and that the President Muhammadu Buhari is impressed with progress being made in STI sector and technology adoption in Nigeria. The President also noted that for Nigeria’s economy to be innovation-driven, STI should catalyze economic sustainability and recovery.
Ending his remarks, he said the Federal Government will continue to create an enabling environment for the growth of Science, Technology, and Innovation in the country, through government policies such as Executive Order 05, The Economic Recovery and Growth Plan (ERGP) and other policies approved by the Federal Government.
The Chairperson, Senate Committee on Science and Technology, Senator Uche Ekwunife emphasized the need for funding the sector and pledged that no stone will remain unturned in ensuring that more funds are appropriated to the Science Ministry’s budget.
Also speaking at the event, the Minister of Science and Technology (FMST), Dr Ogbonnaya Onu said that the 2021 Science, Technology, and Innovation Expo would help showcase inventions and innovations that will transform Nigeria’s economy. According to him, the expo will explore more ways to commercialize research outputs so that revenue will be realized. He said the best way to fight poverty is through commercializing research outputs, converting them to products and services needed by the general population in order to create wealth. The expo, he said, will afford opportunity for investors, innovators, inventors, members of the Organized Private Sector and relevant stakeholders to share ideas and buy into the nation’s drive towards economic diversification.
Nigeria economy will be knowledge-based and innovation-driven when all stakeholders work towards it. He cited the success story from the COVID 19 Pandemic containment as an example of how this transformation can be achieved.
Also, in his remarks during the expo, the Hon. Minister of State for Science and Technology, Barrister Mohammed Abdullahi called for the establishment of Research and Development Bank to support Research activities in Nigeria. STI funding, he said, will enable Nigeria to be a key player in the research on vaccine for COVID-19 and other ailments afflicting Africa. The Minister added that the aim of this year’s Expo is to acquaint inventors with the recent stride made in the Scientific and Technological Development Sector and to encourage interested entrepreneurs to commercialize their R&D findings. He thanked President Muhammadu Buhari who was represented by the Vice President Prof. Yemi Osinbajo, for his efforts in turning around the fortunes of Nigeria which has been exemplified in his commitment to lift 100 million Nigerians out of poverty. He further commended the researchers, inventors, and innovators for their showcasing the result of their hard work, commitment, and creativity.
Other Cabinet Ministers at the Event include the Hon Minister of Foreign Affairs, Mr. Geoffrey Onyeama, who called for Nigeria to invest at least 2% of its GDP on Scientific Research and Development so as to achieve a knowledge and innovation- driven economy. The Hon Minister of Health, Dr. Osagie Ehanire said the expo will ensure that Nigeria takes its place among the comity of technologically advanced nations of the world. The Ministry of Trade and Investment will harness the potentials of the Expo to work towards economic diversification, according to the Nigerian Minister of Trade and Investment, Otunba Niyi Adebayo.
The theme of the 2021 Expo was ‘Science, Technology, and Innovation for Economic Recovery and Sustainability Amidst COVID-19 Challenges’. The Event held at the Eagles Square, Federal Capital Territory, Abuja, Nigeria and had over five thousand participants in attendance.