President Muhammadu Buhari, yesterday, expressed the willingness of the Federal Government to allocate a minimum of 0.5 percent of Nigeria’s Gross Domestic Product (GDP) to research and innovation for rapid development nationwide.
He spoke while announcing the opening of the five-day Science, Technology and Innovation Expo 2023, organized by the Federal Ministry of Science and Technology in Abuja.
The theme for the exhibition is: “Actualising Effective Diversification of the Nigerian Economy Through Science, Technology and Innovation (STI).”
Remember that in 2021, at the fifth edition of the science expo, the President made the same promise to Nigerians.
Two years later, the Nigerian leader returned to the Eagle Square Venue event to repeat his promise.
However, this time, Buhari said efforts are still underway to implement “this through communication with the National Economic Council to create modalities to achieve this noble goal of governance.”
Represented by the Chief of Staff, Prof. Ibrahim Gambari, President stated: “Remember that in my speech at the fifth edition of the Science, Technology and Innovation Expo 2021, I said that in line with the decision of the Executive Council of the African Union. in 2006, we want to reiterate that we have come to terms with the challenges from this critical sector of the economy, we will now dedicate 0.5 percent of our GDP to Research and Development (R&D) to fast track useful development.
“I want to tell you that we have been working on this through communication with the National Economic Council to create modalities to achieve this noble goal of the government.”
He explained that his government, in the past few years, has made budget allocations for the sector and implemented measures that increase research and innovation.