BOI takes innovation to industry

However, the Nigerian banking sector has shown very little faith in promoting innovation especially from the research institutions spread across the breath of the country. The banks instead have perfected funding mechanism for large scale technology importationThis is why when the Managing Director of Bank Of Industry Mr Rasheed Olaoluwa decided to take his management […]

However, the Nigerian banking sector has shown very little faith in promoting innovation especially from the research institutions spread across the breath of the country. The banks instead have perfected funding mechanism for large scale technology importation
This is why when the Managing Director of Bank Of Industry Mr Rasheed Olaoluwa decided to take his management team along with the media around selected innovation centers to take stock of happening to attract entrepreneurs, it came to so many as a surprise.
The BOI MD toured the amongst other places;  the Federal Institute of Industrial Research, Oshodi (FIIRO), Projects Development Institute (PRODA) Enugu, National Agency for Science and Engineering Infrastructure (NASENI) and the  National Office for Technology Acquisition and Promotion ( NOTAP)
These institutions were designed and established to facilitate the development and deployment of science and technology apparatus to enhance the pace of socio-economic development of the country through appropriate technological inputs into productive activities.
The visits revealed that these institutions which have been involved in  the design, fabrication, assembly/ erection and test-runs of pilot processes plants along with all the unit operations equipment for processing raw materials for various industrial uses and their conversion into finished products have several of their innovations just sitting on the shelves.
Amongst the inventions our reporter observed include processing machineries for  the food and beverages industry, pharmaceutical (drugs), soap and cosmetics oil refining, printing, plastic, alternative and renewable energy.
According to the Director General of National Office for Technology Acquisition and Promotion (NOTAP),  Dr. Umar Buba Bindir, “in the whole of Africa there is no country that have strong technology more than Nigeria”.
Bindir  while addressing the BOI team, pointed out that:  “The fundamental problem Nigeria has is that most of the research institutes are not talking to each other and have failed to synergy with one another to take their finding to the next level.”   
 Dr Mohammed Haruna, Director-General NASENI tales were not different from Bindir’s. Haven conducted the BOI team round the several dozens of research lying fallow at NASENI labs also lamented several failed attempts to get the banking sector to integrate some of their output in their funding and risk assessment  structure.
Haruna specifically quizzed, “We want BOI to support and fund entrepreneurs that are willing to take these technologies to the market”.
Mr Rasheed key message at every point of call was: “we want to understand what is available; we want to develop a database which we can reference to our customers (entrepreneur)”.
In a chat with Daily Trust, he stressed that there is a direct correlation between engineering and technology on one hand and the level of development in the other hand.
“A nation that wants to develop will give serious attention to technology because it has been proven from the beginning of humanity that the nation that has technology also controls the economy”, he said.