The federal authorities will spend 0.5 per cent of the nation’s Gross Home Product (GDP) on science, know-how and innovation in an effort to promote creativity among the many youths and create jobs, the Minister of Science, Know-how and Innovation, Dr Ogbonnaya Onu, has mentioned.
Onu mentioned this on the Consultative Assembly on the availability of a minimal of 0.5% of GDP for Funding Science, Know-how and Innovation Sectors within the nation in Abuja, on Wednesday.
Each day Belief stories that the federal government had declared on the 2021 version of the Annual Science Know-how and Innovation (STI) Expo that half of 1 per cent of the nation’s GDP shall be channelled in direction of the event of STI to make sure steady productiveness and sustainability within the nation.
The minister said that nations which have made big strides in sustaining their economies invested closely in STI sectors which assured their steady development as effectively sustained their industrial growth.
Based on the minister, the choice to extend the nation’s STI funding was taken on the African Union’s govt council in 2006 to ascertain a goal for all member states to allocate 1% of their GDP funding every in analysis and growth.
The assembly, he added, provided the chance to work out methods for attaining the implementation of 0.5% of GDP to the STI sector.
Earlier, the Minister of State, Barr. Mohammed H. Abdullahi, mentioned STI and its integration within the socio-economic growth course of have to be accorded the best precedence by sufficient funding within the R&D sector.