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Tinubu okays 0.5% of GDP to R&D

President Bola Tinubu said his administration would henceforth dedicate 0.5per cent of the country's Gross Domestic Product (GDP) to Research and Development (R&D) to fast track meaningful development.

The President said it aligned with the decision made by the African Union Executive Council in 2006 to establish a target for all member-states of one per cent of GDP investment in   R&D.

He said dedicating 0.5per cent of the GDP is to improve innovation, productivity and economic growth because the administration has come to terms with the challenges of this critical sector of the economy.

Tinubu said the government would intensify efforts in drawing the National Economic Council's (NEC) attention to hasten the dream of actualization to strengthen the Innovation, Science and Technology (IST) Sector.

The President made the submission yesterday in Abuja at the Science, Technology and Innovation expo.

Represented on the occasion by the Secretary to the Government of the Federation (SGF), Sen. George Akume, the president said government would promote the application of the National Policy on Welding and Welding Related Fields to hasten innovation, lessen unemployment and reduce capital flight.

He said: "It is pertinent to state that welding plays a critical role in strengthening our economy through its deployment and utilization in manufacturing, science and technology, and oil and gas. Therefore, we would promote the application of the National Policy on Welding and Welding Related Fields approved by the Government in 2022 to improve the contribution of the manufacturing sector to the Gross Domestic Product (GDP) of Nigeria, hasten innovation, lessen unemployment and reduce capital flight.

"Government will provide an enabling environment for the establishment of National Centres for Training in Welding and Welding Related Fields (Centers of Excellence) in the Six Geopolitical Zones of the country for training, re-training, evaluation and certification of persons in the practice of welding and welding-related fields. To make this a reality, I wish to direct the Federal Ministries of Finance and National Budget and Economic Planning to provide the required funds and modalities for the commencement of these centres.

"I am aware that the Federal Government, at the 5th edition of the Science, Technology and Innovation Expo 2021, declared that "in tandem with the decision made by the African Union Executive Council in 2006 to establish a target for all members states of one per cent of GDP investment in Research and Development (R&D) to improve innovation, productivity and economic growth, therefore, we want to reiterate that having come to terms with the challenges of this critical sector of the economy, we will henceforth dedicate 0.5per cent of our GDP to R&D to fast track meaningful development.

"It is also on record that the previous Government of my predecessor, Muhammadu Buhari, GCFR made a significant effort in actualizing this by communicating the decision of dedicating 0.5per cent of our GDP to Research and Development to the National Economic Council to come up with modalities in achieving this noble intention of Government. As a government, we would intensify our efforts in drawing the National Economic Council's attention to hasten this dream's actualization to strengthen the Innovation, Science and Technology (IST) Sector.

"To match words with actions, on the assumption of duty as the President, we signed a Memorandum of Understanding (MOU) with the Republic of Cuba to enhance collaboration between the two countries on science and technology. The areas of cooperation covered by the bilateral agreement include biotechnology, scientific investigation and innovation, technological development, human resources development, specialist exchange in science and technology, and technology transfer for development areas.

"I would like to reiterate that with our Renewed Hope Agenda, Innovation, Science and Technology as crucial apparatus for modern- day socio-economic advancement will continue to receive our support in the promotion and utilization of innovations and inventions carried out through local Research & Development to enhance indigenous capacity and capability in tandem with the provisions of the Presidential Executive Order No. 5 (2018). The Order unarguably places Nigerian professionals and manufacturers at the centre of the Nigerian economy. Hence, it serves as an instrument to midwife a new renaissance for transforming our economy from consumption to production driven by innovation."

The Minister of Science, Technology and Innovation, Chief Uche Nnaji said over the years, Nigeria has shown promising signs of a bright future by using Science, Technology, and Innovation (STI) as a driving force for its abundant natural and human resources.

He said however, for the potential to fully blossom, the country needs a supportive work environment that encourages applying the skills gained through STI.

He said: "Looking at the experiences of Japan and some other Asian countries is helpful, as these countries have invested significantly in their economies' R&D sector, and we can see the positive impact it has on their solid economic positions globally. The theme of this year's Expo emphasizes the importance of learning from such examples and implementing strategic measures to harness the potential of STI for overcoming our economic challenges.

"Our nation finds itself at a juncture where the integration of Science, Technology, and Innovation is not just a choice but a necessity. The current economic landscape demands a paradigm shift, and the Ministry's role becomes crucial in steering this transformative journey. As a result, the Nigerian Government approved the Revised Science, Technology and Innovation Policy. This Policy, when properly implemented, has the power to completely transform the Nigerian STI ecosystem as it provides the appropriate channel for the fundamental re-orientation of Nigerians as well as a pathway for the socio-economic development that will usher Nigeria to its rightful place among the comity of nations. I must say this: under the Renewed Hope Agenda and visionary leadership of our esteemed."