The bill, sponsored by Senator Patrick C. Ndubueze (Imo North), received unanimous approval after the presentation of a report by the Senate Committee on Science and Technology, led by Aminu Iya Abbas (PDP, Adamawa Central).
The proposed agency will focus on conducting research and developing technologies that align with Nigeria’s socioeconomic needs.
The objectives of the bill include strengthening the interface between science, policy, and society by fostering collaboration among researchers, policymakers, and practitioners.
It is also aimed at promoting international cooperation to address technological gaps and enhance research infrastructure.
The bill is also aimed at encouraging inclusive innovation by involving stakeholders in designing and implementing solutions.
It is also aimed at facilitating access to critical technological tools and solutions to address national development challenges as well as building public trust in science, engineering, and technology as essential drivers of sustainable development.
ALSO, the Senate has passed the 2014 Nigerian Insurance Industry Reform Bill, following the adoption of the report by the Committee on Banking, Insurance, and Other Financial Institutions.
The report was presented by the committee’s Chairman, Abiru Adetokunbo (APC-Lagos), during yesterday’s plenary.
Adetokunbo explained that the bill, which was read a second time on July 18, sought to consolidate various existing laws regulating insurance businesses in Nigeria.
He listed the relevant laws to include the Insurance Act 2003, the Marine Insurance Act, the Motor Vehicles Third Party Insurance Act, the National Insurance Corporation Act, and the Nigerian Reinsurance Corporation Act.
A major objective of the bill, according to Adetokunbo, is to create a robust legal and regulatory framework for the insurance sector, enabling it to contribute positively to Nigeria’s financial landscape.
