CBN governor advocates public, private funding collaboration on research and development
Governor, Central Bank of Nigeria (CBN), Godwin Emefiele has affirmed that to increase investment in Research and Development (R&D), that leads to innovation, there must be a conscious funding collaboration by the public and private sectors to ameliorate this situation.
He made this remark at the 4th Conference on Microfinance and Enterprise Development with the theme Indigenous Technology and Value Chain Development held at the LAPO Institute, Benin City, Edo State capital on Tuesday.
The CBN governor represented by Amagwu Frank, Deputy Director, development finance department,Abuja hinted that it would be practicable with adequate funding in order to achieve this innovation.
He said: “Presently, investment in R&D to gross domestic product (GDP) is about one percent annually, and much of this has been from the government. In addition, inter-institutional cooperation must be elevated to create synergy, especially between the National Agricultural Research Institute (NARIs), National Centre for Agricultural Mechanisation (NCAM), and International Research Institute (IRI).
“Historically, Nigerian Indigenous technology has been largely driven by smallholder or peasant farmers producing for subsistence and commercialising the surprises, or artisans engaged in low capital intensive production. Additionally, some indigenous technologies have provided the impetus for the adaptation of modern technology.”
In the same vein, Dr. Godwin Ehigiamusoe, Chairman, Governing Council, LAPO Institute, remarked that over the decades, the international consensus on the importance of economic development has varied from very high, to very low, and to the current rediscovery.
“Now, there is growing consensus that in the 21st century, indigenous technology and value chain development remain fundamental for poverty reduction, economic growth, economic recovery and environmental sustainability.
“Indigenous technology and value chain development contribute to economy in many such as economic growth, industrial development, as economic catalyst, and sources of services and as a contributing factor to peace and stability by providing employment to the growth population of restive youth,” he stressed.
Similarly, Chairman of the occasion, Prof. Mike Obadan noted that one key challenge to development of Indigenous technology was the low patronage it has received from the government and citizens who seem to have preference for foreign technologies and products.
“But such imported technologies tend to have problems in our environment because they are not designed with the poor countries in mind. There are often problems of spare parts, knowledge of the design principles, maintenance and repairs, among others.
“Besides, Indigenous technology developers have been constrained by limited promotion in the market both inside and outside Nigeria.
“Therefore, the Nigerian government would need to design and implement policies and programmes for value chain inclusion strong support for local technology development and adoption, market development, improving organization and productivity, improving linkages, foreign direct investment, and skills development.”
