President Muhammadu Buhari says a minimum of 0.5 per cent of Nigeria’s Gross Domestic Product (GDP) will be allocated to research and innovation in order to accelerate development.
Buhari disclosed this in Abuja, yesterday, while declaring open five-day Technology and Innovation Expo 2021, organised by the Federal Ministry of Science and Technology.
The theme of the EXPO is: “Science, Technology and Innovation for Economic Recovery and Sustainability Amidst COVID-19 Challenges’’.
The tech expo is aimed at showcasing research and development results and the products and services of inventive minds in the country.
Represented by Vice President Yemi Osinbajo, Buhari said that in the past few years, the Federal Government had also made considerable improvement in the budgetary allocation to the ministry.
“This has helped increase research and innovation with the aim of achieving sustainable development.
“We are happy that this has been achieved in line with the decision taken by the African Union’s Executive Council in 2006 to establish a target for all member States of 1 per cent of GDP investment in research and development in order to improve innovation, productivity and economic growth.
“We are aware that only a few African countries have met this target, but as a result of the challenges of this critical sector of the economy, we will allocate a minimum of 0.5 per cent of our GDP to research and innovation as a way to fast track meaningful development.
“In February 2018, I issued Executive Order No. 5 (“EO5”) by which all Ministries, Departments and Agencies (MDAs) of government were directed to engage indigenous professionals in the planning, design and execution of national security projects and maximise in-country capacity in all contracts and transactions with science, engineering and technology components.’’