The Federal GOVERNMENT of Nigeria (FGN) says the breakout of the COVID-19 pandemic in 2020 stalled the economic transfer on growth made by the current administration.
This was made known by the Minister of Science, Technology, and Innovation, Dr. Adeleke Olurunmibe Mamora, during the Flag-off of the National Dialogue between government and other stakeholders in the Science, Technology, and Innovation (STI) Ecosystem
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As a result of the establishment and implementation of the Technology and Innovation Centres for Global Competitiveness and Productivity.
The event was themed “Achieving Nigeria’s Competitiveness and Improved Foreign Exchange Earnings through Science, Technology, and Innovation”.
The minister explained that the pandemic showed the inadequacies of infrastructure and policies, ranging from social protection systems to healthcare.
He noted that the outbreak of the pandemic also led to high unemployment rates and poverty thereby reversing the gains achieved over the past few decades.
He expressed his regret that the pandemic and its aftermath have shown that not much has been invested in the requisite innovation that could make societies more inclusive, sustainable, and resilient.
Adeleke said the president had shown and improved the government’s responses to change, and collaboration between government and investors including firms.
He said, “Over the years, the role of STI in the developmental agenda of the nation has been relegated. However, the dwindling revenue base and decline in foreign exchange earnings of the country, calls for serious concern, hence, the need to look inwards at the active impact Science, Technology, and Innovation (STI) can play in reversing these trends.
“It is equally important to note that there are declining trends in several areas of productivity which have not resulted in improved economic development.
“This is why this administration is innovating to have a shift in policies, most importantly the STI for economic recovery and growth.
“Let us not forget in a hurry that the economic transformation of the country should give a measure of readiness to move to a greater height to drive productivity, sustainability, and shared prosperity, thus achieving the aim of this government.
“However, the COVID-19 pandemic made a negative impact on businesses and thereafter stalled progress.
“This administration of President Muhammadu Buhari had shown and improved the Government’s responses to change, and collaboration between the government and investors including firms. Social safety net protection and sound financial institutional framework have been tailored towards the economic transformation of the country.”
Remarking that more needs to be done to achieve the desired goal, the minister divulged that the Research and development capacity and capability of the country are being put in place to contribute to resilience in all sectors.
Adeleke who illustrated the theme as aptly said it would enable stakeholders to produce an effective and efficient national strategy document to support the monetary, fiscal as well as trade policies of the government for a better and improved economy to develop convergence points.
“The Innovation ecosystems of the country are geared towards a drive aimed at the generation of ideas, their translation into products, and the commercialization of these products on a large scale.
“It is a known fact that the success of this is dependent on several factors, such as a very strong knowledge-generation area (universities, research centers, and laboratories), and the active collaboration between these knowledge centers and commercial businesses. We still hope to improve on this.
“The breakthrough in technology will deliver the right solutions. The long-term research and development would give the desired breakthrough, it is therefore required that all hands must be on deck to achieve this feat.
“The trajectory in business and research and development(R&D) are the main drivers of innovation including sound policies thereafter from good technological progress towards accelerating the goals of sustainability and shared prosperity, this was the reason for the establishment of the Presidential Executive Order-5.”
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