FG is Determined to spend 0.5% GDP on Research & Development- Buhari
By Urube Peter, Abuja
The Commander in chief Federal Republic of Nigeria President Muhammadu Buhari stated that the Federal government is ready to commit 0.5% of her national Gross Domestic Product, GDP to Research and Development to enable economic development.
The President affirmed this while declaring open the 7th Edition of the Science, Technology and Innovation Expo, 2023 at Eagle Square, Abuja.
The Expo 2023 central message is: “ Actualizing Effective Diversification of the Nigerian Economy Through Science, Technology and Innovation (STI) ”.
The President who was represented at the occasion by his Chief of Staff, Prof. Ibrahim Gambari stressed the resolution of his administration to implement the new policy.
He explained that “the administration will henceforth inject 0.5% of our GDP to R&D in order to speed up meaningful development in the economy.
“It is in accordance with the decision made by the African Union Executive Council in 2006 to establish a target for all member states of 1% of GDP investment in Research and Development (R&D) in order to improve innovation, productivity and economic growth” .
This can be achieved, the President emphasised
He has charged the National Economic Council to come up with modalities in achieving this noble intention of government’.
“Again, We want to reiterate that having come to terms with the challenges of this critical sector of the economy, we will henceforth invest 0.5% of our GDP to R&D in order to our topmost objective of national development”.
