President Muhammadu Buhari has said henceforth the Federal Government would allocate at least 0.5 per cent of the nation’s Gross Domestic Product, GDP, to Research and Development(R&D) as a means of fast-tracking meaningful development in the country.
Buhari represented by his Chief of Staff, Prof. Ibrahim Gambari, announced the plans on Monday in Abuja at the opening ceremony of the 2023 Technology and Science Expo.
To this end, Buhari said talks have been established with the National Economic Council, NEC, to come up with modalities to achieve the aim.
“Having come to terms with the challenges of this critical sector of the economy, we would reiterate that, henceforth, a dedicated 0.5% of our GDP will go to R&D in order to fast track meaningful development.
“Genuine effort in actualising this objective is ongoing through our communication to the National Economic Council to come up with modalities in achieving this noble intention of government,” the President stated through his Chief of Staff, Gambari.
Buhari also underscored the indispensability of Science, Technology and Innovation (STI) to [the] socioeconomic development of the country, saying there are established facts that no nation in the world has been developed devoid of the utilisation of the STI.
Buhari also stated that his administration has demonstrated love and desire to diversify the economy through the application of the STI, by improving the budgetary allocation of the Federal Ministry of Science, Technology and Innovation, whose budget before was so meagre that it could not have achieved any meaningful economic development.