President Muhammadu Buhari has revealed that Nigeria will start devoting 0.5 percent of Gross Domestic Product (GDP) to Research and Development to accelerate meaningful development.

Buhari stated this in his speech at the opening ceremony of the Science, Technology and Innovation Expo 2023 on Monday in Abuja.

Recalling the fifth edition of the 2021 Science, Technology and Innovation Expo, Buhari said: ”along with the decision taken by the Executive Council of the African Union in 2006 to set a target for all member states of 1% of the GDP investment in Research and Development (R&D) to improve innovation, productivity and economic growth.

Therefore, Buhari reiterated that, having accepted the challenges of this critical sector of the economy, the government will henceforth devote 0.5% of the nation’s GDP to R&D to accelerate meaningful development.”

“We have made an effort to update this through our communication to the National Economic Council so that it presents modalities to achieve this noble intention of government.”

The President also congratulated the 774 (774-YONSPA) Presidential Award for Nigerian Young Scientists Award winners for the year 2023 and praised their creativity and competitive spirit towards their academic quest to become future scientists, engineers and technologists to improve the lot of our nation. .

“I am pleased to announce that the candidates who placed first, second and third respectively in the recently concluded Presidential Award Competition for Nigerian Young Scientists 774 final exam have been awarded full scholarships up to Doctor of Philosophy (PhD) level in any science. . -related discipline of your choice at any of our universities.

“It has been the practice of my administration to award scholarships since the inaugural edition of the Science, Technology and Innovation Expo in 2017, to the three best students.” she added.

For her part, the Minister of Science and Technology and Innovation, Dr. Adeleke Mamora, also described Science and Technology as a path for the economic emancipation of the country.

Mamora explained that science and technology is a launching pad to greatness and, if harnessed properly, would put Nigeria on a par with developed countries.

He said that the current administration has done a lot to improve the sector, which has led to massive innovations in recent years, and called on players in the sector to remain engaged.

He charged researchers and innovators to stay focused and improve the quality of their products to attract foreign investors.

In addition, the Director General of the National Biotechnology Development Agency, Professor Abdullahi Mustapha, speaking to the media, said that the agency has recorded historic achievements, adding that if the country remains on this trajectory, science and Technology can be a critical sector for economic development.


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