In order to build local capacity to compete favourably with scientifically advanced economies the Vice President, Prof. Yemi Osinbajo, has supported the call to set aside one percent of the nation’s budget to boost research and innovation.
Osinbajo made this known during the meeting of the National Research and Innovation Council held at the Presidential Villa, Abuja.
Media aide to the Vice President, Laolu Akande, in a statement made available to Vanguard, said that the Vice President, responding to a memo presented to the Council on the need to improve funding of research and innovation by Science and Technology Minister, Dr. Ogbonnaya Onu, said the proposal to set aside a percentage of the national budget for funding of research and innovation deserves support.
According to him, “the point that has to be made is that there is really an urgent need to improve funding for research and innovation in our country.
“Whether it is research in agriculture, education or environment, we have to adopt steps and measures on how to improve funding in these areas. It is really the whole idea of setting targets on how to achieve objectives set for research and innovation.”
The Vice President then directed that plans to refine the processes and procedures for investing more in research and innovation be expedited in order to develop more local technology to address emerging challenges.
Onu had earlier presented a memo to the council for the improved funding of research and innovation, specifically by setting aside one percent of the national budget for research purposes in public institutions.