BoI advocates reverse engineering to bridge technology gap in manufacturing sector
According to the bank, over-dependence on technology transfer or importation of industrial machines would further limit the country’s potential of developing local competencies and industrialization.
Speaking during a visit of some members of the Nigerian Academy of Engineering to BoI’s office in Lagos, on Monday, the Managing Director of the bank, Rasheed Olaoluwa urged the nation’s professionals to take a cue from China in the area of reverse technology in order to meet technological demands that would further address growing needs in the real sector.
Olaoluwa had earlier noted that while a lot of developed countries are adopting smart manufacturing and robotics, many Nigerian manufacturers are using outdated equipment therefore hampering the competitiveness of locally produced goods in comparison with imported ones.
This, according to the bank, is a challenge that should be addressed as soon as possible.
He stressed that no country will develop technology and give it away just like that rather, Nigerian engineers, scientists and technologists should explore the reverse engineering option.
“BoI has been structured to support commodity-based industrialization by encouraging value-addition of exploited raw materials. Last year, we visited quite a number of institutes with a view to encourage technological innovation. We are already in the process of advancing linkages.
“We will look at collaboration with the academy. We are passionate about technology because of its relationship with industrialization and the belief that innovation should be explored to address societal needs.
“Technology transfer remains low in the country, but research and development should be encouraged to support the growth of local technology”, he added.
“BoI has engaged with top research institutes like FIIRO, PRODA to link them to our industries. We may not be cutting edge but we have the basics; if our hundreds of researchers are encouraged, we have a good base we can build on,” he said.
Earlier, the President, Nigerian Academy of Engineering, Prof. Raifu Salawu sought collaboration between the bank and the academy in making Nigeria’s industrialization a reality stating that the academy is ready to assist the nation through innovative solutions and experience in achieving the objective.
“The academy through its members has intervened in various development exercises and phases in the nation. Today, we are renewing our commitment to the nation’s industrialization efforts by seeking a partnership with the Bank of Industry by offering our services and experience as professionals and intellectuals in ensuring that researches are end-use oriented while facilitating interaction between the academy and industry”, he added.
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