2023 STI Expo: Buhari Challenges Investors To Expand Economy

President Muhammadu Buhari has urged investors and stakeholders to help address the issues of industrialisation by stating that it is a well-known fact that no nation in the world has advanced without using the Science, Technology, and Innovation (STI) apparatus.

As the "Think Tanks" (inventors, innovators, and researchers) of the nation gathered to showcase their R&D products, goods, and services for the purpose of commercialisation geared toward moving Nigeria from a consumption economy to a production economy, Buhari made this statement while declaring open the 7th Edition of the Science, Technology, and Innovation Expo 2023.

The President, who was present through his Chief of Staff, Ibrahim Gambari, noted that the theme for the Science, Technology, and Innovation Expo 2023, "Actualizing Effective Diversification of the Nigerian Economy Through Science, Technology, and Innovation (STI)," was appropriate, noting that his administration has realised the critical role that the industry plays in socioeconomic development and has done so by first convening the National Research and Innovation Council meeting.

"As a government, since we took over power in 2015, we demonstrated our love and desire to diversify our economy through the application of Science, Technology and Innovation by improving the budgetary allocation of the Federal Ministry of Science, Technology and Innovation; whose budget before then was so meagre that it could not have achieved any meaningful economic development.

"In our quest to develop scientifically, we placed a special premium on the STI sector for the utilisation of our local raw materials and personnel, and so I personally signed the Presidential Executive Order No. 5 for the Planning and Execution of Projects, Promotion of Nigerian Content in Contracts, Science, Engineering and Technology on 2nd February 2018. 

"This Order is an instrument that our scientists, engineers, and other allied professionals have been yearning for years to effectively contribute to the development of Nigeria."

He pointed out that it is known that this Order reinforces and supports other professions as well as scientists, and that it promotes interprofessional cooperation to develop Nigerians' capacities and open up chances for everybody.

“In line with the provisions of the Order, I inaugurated the Presidential Monitoring and Evaluation Council (PMEC) on October 14, 2021, and have established six Technology and Innovation Centres of Excellence across the six geopolitical zones of the country, where dialogues were held with relevant stakeholders in 2022 to proffer solutions for the industrialisation of the country, geared towards job creation and wealth generation to arrest youth restiveness and social vices in our dear country.

“As a matter of importance attached to the objectives of Presidential Executive Order No. 5, my administration in November 2022, approved the National Policy on Welding and Welding Related Fields as part of our efforts to fast-track industrialisation and sustainable development and this will arrest the present situation where many Nigerians outsource welding jobs due to the emphasis placed on foreign welding certification."

He emphasised that no area of the economy can have an impact on the populace that is meaningful without utilising the inherent potentials of the welding and welding-related fields because this is the most reliable and straightforward way to realise the potential of our people for greater socioeconomic development.

The Nigerian President recalled his remarks from the fifth edition of the Science, Technology, and Innovation Expo 2021, which included the following: “in tandem with the decision made by the African Union Executive Council in 2006 to establish a target for all members states of 1% of GDP investment in Research and Development (R&D) to improve innovation, productivity and economic growth.

"At this junction, we want to reiterate that having come to terms with the challenges of this critical sector of the economy, we will henceforth dedicate 0.5% of our GDP to R&D to fast track meaningful development.

“I would like to inform you that we have made effort to actualise this through our communication to the National Economic Council to come up with modalities in achieving this noble intention of the government."

He also offered his congratulations to the recipients of the 774 Young Nigerian Scientists Presidential Award (774-YONSPA) for this year, praising their ingenuity and spirit of competition in their academic endeavours to become future scientists, engineers, and technologists who would improve the lot of our country.

“I am pleased to announce that the candidates who emerged first, second and third respectively in the final examination of the recently concluded 774 Young Nigerian Scientists Presidential Award Competition have all been granted full scholarships up to Doctor of Philosophy (PhD) level in any science-related discipline of their choice in any of our universities.

"It has been the practice of my Administration as we award scholarships since the maiden edition of the Science, Technology and Innovation Expo in 2017, to the three best students.

“Considering the achievement we recorded in this critical sector of our economy, which is pivotal to our socio-economic development, we will continue to support the activities and programmes of the Federal Ministry of Science, Technology and Innovation through improved budgetary provisions, improved welfare of its human resources and infrastructures to enable the system play its vital roles in catering for the livelihood of the nation as well as training and re-training of its personnel, both locally and internationally for global competitiveness,” he further stated.