Federal Government’s drive to move the economy out of current dependence on mineral resources to a knowledge-based economy, will soon get further push with the proposed establishment of the Science and Technology Bank.
When in operation, the bank will develop venture capital system for the purpose of commercialising research and development (R&D) results from research institutes and other higher institutions in the country.
Minister of Science and Technology, Dr. Ogbonnaya Onu, who spoke at a world press conference on the Presidential Executive Order No.5 in Lagos, yesterday, said venture capital system is very low in the country making it necessary to float a bank for this purpose.
He said: “There is a very fundamental change going on in the country. A change from dependence on mineral resources to dependence on brain power (on intellect) that come up with R&Ds that transform into physical products.”
“The bank will be useful for all researchers in both the government and the private sector agencies and this has become very necessary as the current administration wants to speed up commercialisation of research and development in the country.”
The minister said the administration of President Muhammadu Buhari is making very important reforms that will grow the economy with special recognition of the role of science and technology and participation of indigenous professionals which forms the basis of the Executive Order 5.
Onu saidPresident Buhari is very serious in changing Nigeria for the better, saying since independence, Nigeria’s direction towards development has been wrong because they are directed towards commodities whose prices are determined by outsiders and when there is a drop in price the economy catches cold.
“But we are now changing this and working towards a new direction by using science and technology to add value to the abundant resources at our disposal, adding that in the history of any nation, there comes a time when critical decisions have to be taken in order to quickly move to a new level of development of the nation so as to more effectively protect and secure the citizens.”
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