FG Eyes More Private Sector Investment On STI
BY EDMOND ODOK – The Federal Government says Nigeria needs more private sector investments to develop and grow its Science, Technology, and Innovation (STI) space on a sustainable basis.
Minister of Science, Technology, and Innovation, Dr Ogbonnaya Onu, said going forward, entrepreneurs, venture capitalists, and the business community should be encouraged to invest huge capital as well as creative ideas and innovation in the sector for the country to be competitive in the global space.
Speaking during a media interview in Abuja, Dr Onu said private sector investments have become imperative given the limited funds and resources available to agencies of government for the purpose of achieving their mandates.
He said with the help of venture capitalists, some research findings by government agencies can be commercialised and ultimately yield dividends for the country, adding; “Within what is available, our agencies are working very hard, we have many of our products in the market.
“We continue to call on the private sector, Nigeria does not have enough venture capitalists because they are the people that come, take research findings to convert them to products and services.”
According to the Minister; “We are calling on the private sector to take the research that we have done which we have protected the intellectual properties using patents.
“We want Nigerian investors to be the people that will commercialise our research findings because when they do, the jobs created will come to Nigeria, the wealth created will be in Nigeria.” – With NAN reports
