FG to harness science for tangible economic gains – Minister

The Minister of Innovation, Science and Technology, Chief Uche Nnaji, says the Federal Government is committed to converting Nigeria’s scientific potential into tangible economic gains that thrived on innovation, partnership, and resilience.

He made the assertion at the Lagos Chamber of Commerce and Industry LCCI members day event with theme: ” Innovation and Resilience” on Thursday in Lagos.

Nnaji was represented Mr Ikechukwu Michael, Director, Information and Communication Technology (ICT) at the ministry.

He noted that though Nigeria had witnessed economic headwinds, its entrepreneurs and businesses continue to rise by innovating, adapting, and persevering.

The minister stated that to achieve its mission, the minister had created a policy thrust anchored on strengthening local content in technology and production.

Nnaji said the Federal Government was also deploying digital innovation to power key sectors like agriculture, energy, health, and manufacturing.

He added that they were also facilitating public-private partnerships (PPPs) to bridge infrastructure gaps and scale industrial research and development.

“Through initiatives like Project Green, we have attracted over €7.9 billion in foreign investment into the green hydrogen and methanol sector.

“Our Artificial Intelligence (AI) Innovation Centres, Renewable Energy Access Programme (REAP), and the Barefoot Renewable Energy College are equipping over 50,000 Nigerians annually with future-ready skills.

“These are not abstract efforts but are platforms for private sector collaboration to unlock opportunities for Nigerian business,” he said.

Nnaji said to unlock opportunities for Nigerian businesses, the ministry had also introduced a 30 per cent local value-addition policy to raw material exports to stimulate domestic processing and industrialisation.

He, however, stressed that to sustain these gains, Nigeria must scale partnerships as government alone could not fund or execute transformation at scale.

Mr Olatubosun Alake, Commissioner, Innovation, Science and Technology, Lagos State, said the state between 2020 and now had funded many start-ups across multiple sectors of the economy.

He noted that many of these companies, which have expanded to several cities in the country, were doing very well creating value for multiple consumers across industries from agri-tech, e-commerce to construction technology.

Alake revealed that through the Lagos State Employment Trust Fund, over 35,000 young people have been trained in different digital skills.

“We also fund research and development projects in universities because we think that it is not enough to adopt technology but to create technology so that we domicile the value locally.

“If you look at the population profile of a place like Lagos State, you still have a lot of people who believe that the whole idea of digital transformation innovation only comes in high faculty language.

“In fact to some common men on the streets, it is another trick that government is trying to still popularise and that speaks to the issue of the need for digital inclusion,” he said.

President, LCCI, Mr Gabriel Idahosa, said Nigeria, like many economies across the globe, continues to navigate the volatility from currency instability and inflationary pressures to supply chain disruptions and energy insecurity.

He was represented by Engr Leye Kupoluyi, Deputy President, LCCI.

He noted that in spite of these challenges, the private sector has shown remarkable resilience and relevance, with entrepreneurs adapting, startups innovating and industries evolving.

Idahosa said a combination of resilience and innovation defined sustainable success in the 21st-century economy.

He urged members of the chamber to take innovation seriously, rethink their business model, digitise their operations, diversify their markets and collaborate.

“The chamber is here to help you do this and in the coming months, we will unveil new tools, platforms, and support systems for our members.

“They range from digital transformation labs to innovation competitions, and capacity-building seminars tailored to your industry.

“We urge new members to join LCCI due to the multitude of benefits it offers, which are instrumental in driving the success and growth of businesses.

“In a world where regulations abound and decisions impact businesses, having a strong advocate like LCCI in your corner is invaluable,” he said.