The Federal Government said it was working towards establishing a bank to fund research and development in the country.
This, according to the Minister of State for Science and Technology, Abdullahi Mohammed, would enhance commercialisation of research results so as to boost the nation’s economy in line with President Muhammadu Buhari’s decision to reduce poverty in Nigeria.
The Minister disclosed this in Abuja on Tuesday during the inauguration of sub-committees under the National Committee on Competitiveness.
He explained that the raw material sector would ensure significant reduction in raw materials and products importation by 11 per cent to the tune of N3 trillion in the short-term, 31 per cent and 49 per cent in the mid-term and long term respectively.
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Speaking on the main aims of the competitiveness policy, the minister stated that its primary mandate is to utilize Science, Technology and Innovation (STI) to create wealth.
He expressed hope that the sub-committees would take advantage of the current border closure by the government, to improve on production and use of raw materials for local industries.
Mohammed observed that: “The National Competitiveness Strategy requires executive drive and commitment for Nigeria to achieve the desired drive towards global competitiveness,” adding that; “This will ensure that Nigerian raw materials and products are among the best in the world and in turn, improve the nation’s foreign earnings.”
Consequently, he urged members of the committee to bring their wealth of experience to bear in ensuring successful and efficient implementation.
Earlier, the permanent secretary in the ministry, Dr. Mohammed Umar Bello, noted that the country had a lot of potentials adding however, that it required funding of research and development.
