Investment in R&D will push up Nigeria’s GDP – FG
Increased investment in research and development (R and D) will further push up Nigeria’s Gross Domestic Product (GDP), the Federal Ministry of Innovation, Science and Technology, has said. Daily Trust reports that the National Bureau of Statistics (MBS) said that in the first quarter of 2025, Nigeria’s GDP at basic price stood at N94. 05 […]
Increased investment in research and development (R and D) will further push up Nigeria’s Gross Domestic Product (GDP), the Federal Ministry of Innovation, Science and Technology, has said.
Daily Trust reports that the National Bureau of Statistics (MBS) said that in the first quarter of 2025, Nigeria’s GDP at basic price stood at N94. 05 trillion in nominal terms.
This feat could be surpassed with more investments in research and development, according to the ministry.
But Nigeria currently invests less than one percent of GDP on R and D, below the world’s average.
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“Investment in research and development serves as the backbone for creating new industries, improving productivity, and enhancing overall quality of life. When we increase investments in research and development, we’re fundamentally laying the groundwork for a robust economy that can withstand both local and international challenges”, the ministry’s Permanent Secretary, Mrs. Esuabana Nko Asanye, said.
Asanye disclosed this at the 1st Science Fair and Exhibition of Federal Capital College of Education, School of Sciences, Zuba, in Abuja, yesterday.
She said Science, Technology, Engineering and Mathematics (STEM) is the gateway to socio-economic development of Nigeria.
The permanent secretary who was represented by overseeing Director Science, Technology and Promotion (STP) Dr. Victor Fadipe also said that the choice of the theme Innovation: A quest to survive in a challenging world is apt. Saying, nations that fail to embrace science, technology and innovation are inevitably left behind.
She pointed out that research and development is the bedrock that gives rise to Gross Domestic Product (GDP) therefore Nigeria must invest in research and development as well as inculcate the habit of creativity as a way to have a technology that can sustain and build a valuable economy for the nation.