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From Fred Ezeh, Abuja
Federal Government has concluded plans to establish a research and development fund, as part of effort to support researchers as well as industrialists.
It added that the research and development fund will also provide opportunity for owners of Small and Medium Enterprises (SMEs) to leverage on to expand their activities.
Minister of Innovation, Science and Technology, Chief Uche Nnaji, confirmed the development when he toured the facilities of National Board For Technology Incubation, (NBTI), in Lagos.
He said that hitherto, there was no Research and Development Fund that could assist the SME operators to thrive, but the Ministry is at the verge of creating such opportunity where people that have excelled in innovation, technology can deep in their hands and take funds to develop what they have researched.
He commended the National Board For Technology Incubation, (NBTI) led by its Director General, Dr. Patricia Uchenna Chukwu, for supporting entrepreneurship and churning out thousands of industrialists over the years.
He said: “I can see some industrialists being incubated in the NBTI facilities, and from there they are moved to their own businesses. We are happy with this, and are eager to support these people to achieve, hence the decision to establish research and development fund.
“The President has directed that we do more to support Nigerians, boost the economy and create jobs and wealth. This is what we are committed to doing now and in the future.”
The NBTI Director General, Dr. Patricia Uchenna Chukwu, in her remarks, appreciated the support being received from the Federal Ministry of Innovation, Science and Technology, and appealed for more support particularly in the area of funding.
She stressed that technology is key to unlocking solutions to some of the most pressing challenges in the country, adding that NBTI’s utmost desire is to identify and provide support for local talents, thus nurturing the upcoming generation of innovators and entrepreneurs who would, expectedly, steer Nigeria’s technological progress.
“It is undeniable that in the swiftly changing landscape of today’s world, progress heavily relies on technological advancements, particularly in artificial intelligence, renewable energy, biotechnology, block chain technology, among others. The potential is boundless. Yet, to actualize these opportunities fully, we must adopt a culture that champions innovation, collaboration, and entrepreneurship.
“We are confident that, by working together with all relevant parties, we can close the divide between research and the market, thus stimulating innovation, generating employment opportunities, and spurring economic growth,” she said.
