NCIST Summit Calls for Increased R&D Spending As Prof Onwualu Harps on the need for Commercialization of Research findings

The 22nd National Council on Innovation, Science, and Technology summit, held at the Obasanjo Space Centre in Abuja, has emphasized on the need for Nigeria to increase its research and development (R&D) spending to 3% of Gross Domestic Product ( GDP) so as to foster global integration through international collaboration and export-led innovation.

The summit, themed "Research, Develop, Innovate, and Commercialize: A Cycle for National Prosperity," brought together stakeholders from government, academia, and industry to discuss ways to harness the power of science, technology, and innovation for national development.

In her welcome address Mrs. Esuabana Nko Asanye,  Permanent Secretary of the Ministry of Innovation, Science, and Technology thanked all the stakeholders who attained the conference for their valued contributions.

She stated that the day marked a pivotal moment in the nation's journey to national development as this would  harness the transformative power of innovation and technological advancement in the country.

Asanye further stressed that the summit was a call to action towards creating a dynamic ecosystem where everyone, including the public, academia, and government, would work together to build a Nigeria that thrives and solves its numerous problems, which according to her include economic instability, unemployment, insecurity, and climate change.

In his keynote address, the President of African University of Science and Technology ( AUST),  Prof. Azikiwe Peter Onwualu, FAS,  highlighted the paradox of Nigeria's dependence on imported resources, citing statistics that ranked the country 162nd out of 199 economies globally.

He emphasized the need for a systematic and sustainable approach to research development, innovation and called for the operationalization of the National Research and Innovation Council to drive commercialization.

The Minister of Innovation, Science and Technology, Chief Uche Geoffrey Nnaji, in his remarks, noted that the summit was a call to action towards creating a dynamic ecosystem where all stakeholders work together to build a Nigeria that thrives and solves its problems.

Other speakers at the summit includes Senator Aminu Iya Abbas, Chairman of the Senate Committee on Science and Technology; Hon. Dr. Timehin Adelegbe, Chairman of the House Committee on Science Research Institutes; and Rt. Hon. Inuwa Garba, Chairman of the House Committee on Science and Engineering.

The summit's outcome is expected to serve as a blueprint for future initiatives, helping to ensure that the benefits of science, technology, and innovation are felt across all sectors of society.