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The Federal Government has expressed its commitment to fostering scientific research, innovation and investment to turn the country into an investment hub by the year 2030.
The Minister of Science, and Technology, Geoffrey Nnaji, said this at the first yearly Nigerian Impact Investing Research and Industry Collaborative (NIIRIC) summit themed, ‘Impact Investing: Shaping Policies, Research, and Innovation to Commercialisation – The Roadmap to 2025’.
The minister who was represented by his Special Assistant, Dr Patricks Oghuma, stated that producing research outcomes that address local and global concerns could make the country attractive for investors.
The minister said the significance of innovation in transforming societies and economies could not be overstated as innovation catalyses industrial growth, job creation and competitiveness globally.
He highlighted global perspectives, referencing the World Economic Forum’s emphasis on the transformative impact of research and innovation on productivity and economic growth as well as the OECD’s assertion that investments in innovation enable countries to adapt to global economic and technological shifts, securing long-term prosperity.
To strengthen Nigeria’s innovation landscape, Nnaji announced that the ministry was working on establishing key frameworks, including the National Research Innovation Fund (NRIF), the National Research Innovation Council (NRIC) and the Industrial Innovation Fund (IIF).
He emphasised the need for a resilient innovation ecosystem integrating infrastructure development, entrepreneurship and creativity.
“By empowering innovators to take calculated risks, we can accelerate the creation of ground-breaking solutions to the challenges we face,” he said.
Nnaji also underscored the importance of human capital development, stressing that investment in education and training programmes is essential for equipping Nigerians with the skills required to lead in research and innovation.
“A talented and diverse workforce is essential to positioning Nigeria as a global hub for impactful research and commercialisation. Our goal is to position Nigeria as a global leader in research and innovation,” he said.
He explained that achieving the vision would require robust partnerships with international organisations, collaboration with leading research institutions and a deliberate effort to showcase Nigeria’s achievements on the global stage.
“By becoming a hub for impactful research, Nigeria can attract investments, build capacity, and develop solutions that address not just local but global challenges,” he affirmed.
The event brought together leaders and experts from academia, research institutions, government agencies, non-profit organisations and the private sector.
