The Federal Government, yesterday, said that the World Bank has approved additional financing of $3 million to stimulate global competiveness of raw materials for a diversified Nigerian economy.
Vice President, Yemi Osinbajo, who stated this at the opening of the 2018 technology and innovation expo in Abuja, said the World Bank had in the first tranche supported a batch of innovations with about $3 million.
According to him, “the Federal Government plans to strengthen the technology and innovation ecosystem by supporting the development of new innovation hubs in partnership with the private sectors, and this is well on course. We have recently concluded a competitive selection process of private sector entities that will implement and manage the hubs. Each of these hubs will focus solely on the market challenges peculiar to the region of the country in which each is located.
Osinbajo urged all Ministries, Departments and Agencies (MDAs) to align and ensure that the lofty intent of the recently signed Presidential Executive Order for supplying and execution of projects and programmes, especially in the area of science, engineering and technology are met.
“Science and technology are key instruments of the realisation of the objectives of our National Economic and Growth Plan (NERG) 2017-2020. Our goal of moving Nigerian economy away from a resource-based to a knowledge based model is one that we must take seriously and the ERGP is a step in that direction.
“Innovation will create jobs, it will attract investment, it will boost export, it will grow our economy. These are part of the positive impact that it will have on our image and perception around the world.
For his part, Minister of Science and Technology, Ogbonnaya Onu, revealed that patents for research findings, which were processed through the National Office for Technology Acquisition and Promotion (NOTAP), increased from 16 in 2016 to 50 by the end of last year 2017.
