In order to build local capacity to compete favourably with scientifically advanced economies, there is an urgent need to refine processes for funding research and innovation in the country, according to Vice President Yemi Osinbajo, SAN.
Prof. Osinbajo stated this on Tuesday during the meeting of the National Research and Innovation Council held at the Presidential Villa, Abuja.
Responding to a memo presented to the council on the need to improve funding of research and innovation in the country by Science and Technology Minister, Dr. Ogbonnaya Onu, the Vice President said the proposal to set aside a percentage of the national budget for funding of research and innovation deserve support.
According to him, “the point that has to be made is that there is really an urgent need to improve funding for research and innovation in our country.
“Whether it is research in agriculture, education or environment, we have to adopt steps and measures on how to improve funding in these areas. It is really the whole idea of setting targets on how to achieve objectives set for research and innovation.”
The Vice President then directed that plans to refine the processes and procedures for investing more in research and innovation be expedited in order to develop more local technology to address emerging challenges.
The Minister of Science and Technology, Dr. Onu, had earlier presented a memo to the council for the improved funding of research and innovation, specifically by setting aside one percent of the national budget for research purposes in public institutions.
The meeting, which is the first for the year 2020, had in attendance the Ministers of Science and Technology, Dr Ogbonnaya Onu; Environment, Mr Mohammed Mahmoud; Water Resources, Alh. Suleiman Adamu; Information and Culture, Alh. Lai Mohammed; Sports and Youth Development, Mr Sunday Dare; Women Affairs, Mrs Pauline Tallen; Aviation, Alh. Hadi Sirika; Labour and Employment, Dr. Chris Ngige; Health, Dr Osagie Ehanire; and Communications and Digital Economy, Alh. Ali Pantami.
Others include, the Ministers of State: for Budget and National Planning, Mr. Clement Agba; Science and Technology, Alh. Mohammed Abdullahi; and Education, Mr. Emeka Nwajuiba.