FG to implement 0.5% of GDP for R&D

President Muhammadu Buhari has said that his administration is developing modalities to achieve the allocation of 0.5 per cent of Nigeria’s Gross Domestic Product (GDP) to research and innovation. 

The president said the move was to accelerate development across the country. 

The president stated this on while declaring open a 5-day Technology and Innovation Expo 2023, organised by the Federal Ministry of Science and Technology, with the theme: ‘Actualizing Effective Diversification of the Nigerian Economy Through Science, Technology and Innovation (STI), on Monday, in Abuja. 

Buhari represented by his Chief of Staff, Prof. Ibrahim Gambari said : “Recall that in my speech at the 5th Edition of the Science, Technology and Innovation Expo 2021, I said that ‘’in tandem with the decision made by the African Union Executive Council in 2006 to establish a target for all member states of one book is pitman new jersey per cent of GDP investment in Research and Development (R&D) in order to improve innovation, productivity and economic growth, at this juncture, we want to reiterate that having come to terms with the challenges of this critical sector of the economy, we will henceforth dedicate 0.5 per cent of our GDP to R&D in order to fast track meaningful development”. 

“I would like to inform you that we have made effort in actualizing this through our communication to the National Economic Council to come up with modalities in achieving this noble intention of government.”

Speaking about the efforts of his administration in the past few years especially in budgetary allocation to the sector, Buhari said measures adopted over the years have helped to increase research and innovation with the aim of achieving sustainable development.  

At the event, Buhari presented awards to three best students from the 774 young Nigerian scientist presidential award competition (774-YONSPA) .

He said the three secondary school students were also granted full scholarship up to doctorate degree level in any Nigeria University, adding that the scholarship is for them to study any science-related discipline of their choice at any University.

On his part, Minister of Science Technology and Innovation (FMSTI), Sen. Adeleke Mamora said the ministry had developed the National Policy on Welding and Welding Related Fields, in tandem with the objectives of the Presidential Executive Order No. 5 to promote local content in the country. 

“It is the bedrock of engineering and heartbeat of industrialization and remains one of the highest employers of labour and the critical cornerstone for the construction industry.