NISER tasks FG on funding of technology incubator centres

For higher productivity, the Federal Government has been advised to increase allocation to the Technology Incubator Centres (TIC), to enable them provide enough space, staff trainings and infrastructures.

This was part of the recommendations of the Nigeria Institute of Social and Economic Research (NISER), Ibadan, Oyo State, during its monthly research seminar, where it urged government to provide tax discount and incentives for New Technology Based Firms (NTBFs), to make breakthrough and generate employment.

While presenting the Institute’s research seminar report, titled: Innovation and the performance of New Technology Based Firms In Nigeria, Abideen Salawu Alamu of the institute’s Innovation and Technology Policy Department, identified poor funding, poor electricity and inadequate staff training, as major challenges bedeviling the TIC.
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He said innovation influences business environment and creation of new possibilities for reinforcing the development of NTBFs, adding that the NTBFs are micro, small and medium scale (MSMS) businesses under the TICs that bring new ideas to the market for economic growth.

According to him: “The purpose of establishment of the TICs and their mandates are essential for achieving innovation development and economic growth of Nigeria. The innovation potentials of NTBFs must not be undermined. The growth of these firms are essential; for employment generation, poverty reduction and growth of the country’s economy.