Federal Govt To Implement 0.5% GDP On STI To Spur Economic Development

Minister of Science, Technology and Innovation, Dr Ogbonnaya Onu made the disclosure at a consultative meeting on the provision of minimum of 0.5 per cent of GDP for funding science, technology and innovation sectors in the country held in Abuja yesterday.

He said implementation of 0.5 per cent will promote creativity, innovation together with the attendant benefit of achieving national socio-economic development. Recently, the federal government declared at the 2021 edition of the annual STI expo, that 0.5 per cent of the country’s GDP will be channeled towards the development of STI to ensure continuous productivity and sustainability of the Nation.Onu stated that great nations of today in terms of economic and industrial progress make priority investment in STI sectors which has made it possible for their dominance in world affairs.

The decision to increase the nation’s STI funding was taken at the African Union’s executive council in 2006, which established a target for all member-states to allocate 1 per cent of the GDP investment in research and development. Onu said further that the meeting has offered the opportunity to work out strategies for attaining the implementation of 0.5% of the GDP to STI sector.

Minister of State for Science, Technology and Innovation, Barr Mohammed Abdullahi remarked that STI and its integration in socio-economic development process must take a premium place through adequate funding in the R & D sector.

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