FG plans analysis, growth fund –Minister

The Federal Government plans to create an innovation fund for research and development.

The Minister of Science and Technology, Uche Nnaji, revealed during an official visit to the Technology Incubation Centre in Agege, Lagos, recently.

He clarified that the R&D Fund aimed to support experts and individuals excelling in technology to advance their research, a crucial element for development.

Meanwhile, the minister reaffirmed the government’s commitment to advancing innovation and entrepreneurship in the country’s startup ecosystem.

The minister said, “I just visited the Federal Institute of Industrial Research in Oshodi, Lagos and now the Technology Incubation Centre in Agege. I am observing a significant incubation of industrialists in this space.

“They have trained over 1,000 individuals—bringing them in, providing training, incubating them, and then facilitating their transition to their respective businesses. This process has resulted in the emergence of numerous millionaires,” he said.

The minister’s visit included an inspection of the facilities at the hub, following an earlier visit to the Federal Institute of Industrial Research in Oshodi, Lagos.

Nnaji emphasised the pivotal role of the Ministry of Science and Technology in Nigeria’s economic development.

“With a President from the private sector, there is a serious commitment to generating power, even leveraging solar energy. Just last week, during a visit to the Abuja Technology Village with the FCT minister, we discussed transforming it into a global technology city, comparable to Silicon Valley,” he added.

The minister disclosed that under President Bola Tinubu’s renewed Hope Agenda, there is an acknowledgement that more needs to be accomplished. He stated that all ministers are driven by the directive, emphasising the need for heightened efforts across agencies.

The Director-General of the National Board for Technology Incubation, Patricia Chukwu, said the Technology Incubation Centre in Lagos stood as a testament to the commitment to nurturing and empowering bright minds in society.

She remarked that it served as a hub where ideas flourish, dreams take shape, and innovations come to life.

According to Chukwu, technology plays a pivotal role in addressing pressing issues such as climate change and health concerns, and enhancing digital connectivity.

“It is undeniable that in the swiftly changing landscape of today’s world, progress heavily relies on technological advancements.

“Whether in artificial intelligence, renewable energy, biotechnology, or blockchain, the potential is boundless. Yet, to actualise these opportunities fully, we must adopt a culture that champions innovation, collaboration, and entrepreneurship,” the NBTI DG stated.