JOHN ONAH, Abuja
The Federal Government has been called upon to increase its annual funding for Research and Development (R&D) to 1 billion dollars every year.
Making the call in Abuja yesterday at the inauguration of TETFund’s R&D Standing Committee, the Executive Secretary of TETFund, Prof. Suleiman Bogoro, he is recommending a minimum annual budgetary threshold of $1 billion as the funding portfolio for this Foundation.
While commending President Muhammadu Buhari for the recent increase of the research grant from N5 billion to N7.5 billion, Prof. Bogoro said massive investment in research would bring about the desired development in the country.
Speaking further, the TETFund boss also made a case for the promulgation of a law that will bring into full force a National R&D Foundation (NRDF) to deepen research in the country.
“To galvanize our vision towards making R&D the ace and game changer in our national development agenda, the need for an appropriate law to support the establishment of a National R&D Foundation (NRDF) cannot be overstated.
“We need a robust institutional framework and arrangement for the NRDF. I am recommending a minimum annual budgetary threshold of 1billion dollars as the funding portfolio for this Foundation.
“When we consider the inevitable benefits of R&D and the inevitable benefits of R&D and the socio-economic challenges in Nigeria, this amount begins to look like a drop of water in the ocean-population of 200 million people in 2020 and projected to become double in 10 years for now,” he said.
Prof. Bogoro, who said the TETFund’s R&D Standing Committee is expected to come up with its own recommendation on the required amount that is suitable for efficient research activities in the country, called for a robust collaboration between researchers and the private sector to bring about all round development in the country.
“It is envisaged that the private sector of the economy should pick the gauntlet to steamroll the lofty initiative by taking ownership of it.”
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