Henceforth, the Federal Government will allocate half a percent of Nigeria’s Gross Domestic Product (GDP) to research and innovation in a determined effort to enhance the country’s economic growth and development.
President Muhammadu Buhari made the disclosure in a speech delivered today on his behalf by Vice President Yemi Osinbajo, SAN at the opening of the 2021 Technology and Innovation Expo themed “Science, Technology, and Innovation for Economic Recovery and Sustainability Amidst COVID-19 challenges”. Speaking about the efforts of his administration in the past few years especially in budgetary allocation to the sector, the President said the measures adopted over the years have helped to increase research and innovation with the aim of achieving sustainable development.
According to him, “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% of GDP investment in Research and Development (R&D) 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% of our GDP to research and innovation as a way to fast-track meaningful development.”
