The Presidential Standing Committee on Inventions and Innovations has paid N81.5 million to 126 inventors and innovators in the country.

Speaking at the award ceremony yesterday, Minister of Science and Technology, Dr. Ogbonnaya Onu, said innovations and inventions are key drivers of the economic progress of any nation.

He added adding that most developed nations like India, China, and South Korea, among others, recognised the potential of innovation and applied it to building their nations.

“Innovation involves using creativity to improve the things we do in a way to promote productivity and enhance competitiveness,” he said.

Onu charged the beneficiaries to assist in achieving the nation’s sustainable diversification programme, adding that Nigeria was interested in growing a new generation of businessmen, who will use locally developed technologies to improve their ventures.