President Muhammadu Buhari has assured that the Federal Government would allocate at least 0.5 per cent of the nation’s Gross Domestic Product, GDP, to Research and Development(R&D) as a means of fast-tracking meaningful development in Nigeria.
The President was represented by his Chief of Staff, Prof. Ibrahim Gambari, made this known on Monday in Abuja at the opening ceremony of the 7th edition of the 2023 Technology and Science Expo.
President Muhammdu Buhari had declared at the 2021 edition of the annual Science,Technology and Innovation Expo, that 0.5 percent of the country's GDP will be channelled towards the development of Science and Tech Research and Development to ensure continuous productivity and sustainability of the Nation.
Buhari said talks with the National Economic Council, NEC, is ongoing to establish modalities to achieve the aim while noting the importance of Science, Technology and Innovation (STI) to the socioeconomic development of the country.
In his address,the Minister of Science economicnology, Sen. Adeleke Mamora said the expo which is the gathering of scientists,researchers inventors,innovators,investors and entrepreneurs as well as other stakeholders is an endeavour to set Nigeria on the path of economic greatness.
Fielding questions from journalists the Chairman House Committee on Science and Technology, Hon Beni Lar maintained that Science and Technology is another means of diversifying the Country's economy especially at this time that foreign exchange has gone high.
The Lawmaker who emphasized the need for a home grown technology,said the Country cannot afford foreign consumption or continue to rely on mono economy.
The 7th edition of Science,Technology and Innovation Expo 2023 provided the platform for inventors,innovators and researchers across the country to come together to showcase their research and development products,goods and services for the purpose of commercialization, geared towards moving the country from consumption economy to production economy.
The theme for this year's Expo is "actualizing effective diversification of Nigeria's economy through science technology and Innovation".
