We‘ll Allocate 0.5% Of Our GDP To Research, Innovation — Buhari

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President Mohammadu Buhari says the federal government will allocate 0.5 percent of the nation’s Gross Domestic Product (GDP) for research and innovation.

The President made the pledge on Monday while declaring open the 2021 Technology Expo tagged: “Science, Technology, and Innovation for Economic Recovery and Sustainability Amidst COVID-19 Challenges’’, at Eagles Square, Abuja.

He said his administration has made considerable improvements in the budgetary allocations to the Ministry of Science and Technology in the last few years to increase research and innovation with the aim of achieving sustainable development.

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President Buhari, who was represented at the event by his Vice, Prof. Yemi Osinbajo said the 0.5 percent allocation to research and innovation is in line with the decision taken at the African Union Executive Counsel in 2006 to establish a target for all member states of  1% of GDP investment in research and development in order to boost innovation, productivity and economic growth.

We are aware that only a few African countries  have met this target but as a result of the challenges of this economy, we will allocate a minimum of 0.5%  of our GDP to research and innovation as a way to  fast-track meaningful development.’’

To make the economy competitive, he said his administration In February 2018 issued Executive Order No 5 for local content development.

‘‘With this, all ministries and p agencies were directed to engage our professionals in the planning, execution, and design of all contracts and transactions reserved for all engineering and technology components.

To promote national competitiveness and productivity in all sectors of the economy, this administration will continue to support science and technology and innovation sector by providing opportunities.’’

In the efforts to deepen broadband penetration, Buhari said the government is working hard to bridge the digital divide by increasing access to broadband connectivity through our National Broadband Plan which was launched in 2020.

‘’We working hard to bridge the digital divide by increasing access to broadband connectivity through our National Broadband Plan which was launched in 2020. Suffice it to say we will achieve 90% broadband penetration by 2025. That will give special attention to unserved and underserved areas when the telecoms services are provided.

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