The National Economic Council (NEC), has come up with modalities for the release of 0.5 per cent of the Gross Domestic Product (GDP) for research and Development (R&D) following the directives of President Muhammadu Buhari. The directive was given in accordance with the Buhari administration’s decision in 2021, to allocate 0.5 per cent of the GDP to R&D, to improve innovation, productivity and economic growth of the country.
The decision was also in tandem with the decision by the African Union Executive Council (AUEC) in 2006, to establish for all member-states, one per cent GDP investment in R&D. President Buhari disclosed this at the opening ceremony of the Seventh Science, Technology and Innovation Expo, yesterday in Abuja.
The best three candidates in the final examination of the recently concluded 774 Young Nigerian Scientists Presidential Award Competition were given full scholarship during the event. This announcement was made by the President, who was represented by his Chief of Staff, Prof. Ibrahim Gambari.
He said: “Recall that in my speech at the fifth edition of the Science, Technology and Innovation Expo 2021, I said that in tandem with the decision by the Africa Unions Executive Council in 2006 to establish a target for all member-states, one per cent of GDP investment will go to Research and Development (R&D) in order 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 per cent of our GDP to R&D in order to fast-track meaningful development. I would like to inform you that we have made effort in actualising this through our communication to the National Economic Council (NEC) to come up with modalities in achieving this noble intention of government.”