President Bola Ahmed Tinubu has announced his administration’s commitment to allocating 0.5 per cent of Nigeria’s Gross Domestic Product (GDP) to Research and Development (R&D) initiatives, aiming to accelerate national development. This pledge aligns with a 2006 decision by the African Union Executive Council for member-states to invest one per cent of their GDP in R&D.
Speaking at the Science, Technology, and Innovation expo in Abuja, President Tinubu emphasized that dedicating 0.5 per cent of the GDP to R&D endeavors is essential for enhancing innovation, productivity, and economic growth in Nigeria.
Represented by the Secretary to the Government of the Federation (SGF), Senator George Akume, President Tinubu highlighted the crucial role of welding in bolstering Nigeria’s economy, particularly in manufacturing, science and technology, and the oil and gas sector.
“It is pertinent to state that welding plays a critical role in strengthening our economy through its deployment and utilization in manufacturing, science and technology, and oil and gas,” President Tinubu stated.
Furthermore, he affirmed the government’s commitment to promoting the application of the National Policy on Welding and Welding-Related Fields, which was approved in 2022. This policy aims to enhance the manufacturing sector’s contribution to Nigeria’s GDP, foster innovation, reduce unemployment, and curb capital flight.
President Tinubu’s pledge underscores the administration’s determination to prioritize research, innovation, and technological advancement as drivers of economic development. By allocating resources to R&D initiatives, the government seeks to harness the potential of Nigeria’s human capital and natural resources to propel the nation towards sustainable growth and prosperity.
The announcement at the Science, Technology, and Innovation expo signals the administration’s proactive approach towards leveraging science and technology to address socio-economic challenges and position Nigeria as a global player in innovation and development.
