Business
NOTAP Flays Budgetary Allocation To Science, Tech
The Director-General of the National Office for Technology Acquisition and Promotion (NOTAP), Dr Umar Bindir, says in Abuja that the N2.5 billion allocated to science and technology in the 2013 budget is paltry.
The director-general told our correspondent that universally, countries that desired to move forward aggressively invested between 1 per cent and 5 per cent of their GDP to scientific research.
He said that science, technology and innovation to economy development is very important, stressing that allocation to science and technology in the budget is grossly inadequate.
He said: “the budgetary allocation to science and technology in the 2013 budget is not adequate. It is not. If you want the literal answer, it’s just not.’’
“Generically if you look at countries that have arrogantly or deliberately displayed their intention to move forward, the investment in scientific research and development ranges between1 per cent to 5 per cent of their GDP.
“And we are talking of countries that have got trillions of dollars-based GDP.
“Our country, the mode with which we are looking at this is like government has to invest a reasonable amount of money for research and development.
“But that is not necessarily true for the other countries. What we have seen is the collective responsibilities of government working with industry, collective responsibility of individuals and corporate organisations, all understanding that research is important.
“You have to invest to generate knowledge that is superior. It is the knowledge that you try to embody to produce money through technology and innovation.’’
Bindir said that it was unfortunate that it was only the government that was investing in research and development in Nigeria, unlike what obtained in other countries where it was the collective responsibility of government, industries, and other corporate organisations.
He said that Nigeria had to invest now to generate knowledge that was superior and could generate revenue through technology and innovation.
Bindir observed that while Ahmadu Bello University Zaria, Kaduna State, and Harvard University in the United States of America were both universities, the differed gravely in terms of funding.
“These are two universities; they are actually similar; they have names, they have buildings; they have students, they have professors and teachers, they have laboratories and so on.
“But when you come to the issue of funding, you’ll find that Harvard University is generating something in the region of billions of dollars coming back to it based on the usage of its knowledge, whereas Ahmadu Bello University is not getting that, it’s waiting for government budget.
“So this is the issue of intellectual property generation again; this is the issue of embodying the intellectual property to become a component in making people to work, to generate SMEs, to employ people.’’
Bindir also told NAN that intellectual properties had to become the main ingredient in generating small and medium businesses and generating revenue for funding of scientific innovations in Nigerian universities.
He said that to achieve such, universities must attach great importance to the issue of patenting intellectual materials that could be deployed to meet the needs of local industries.
He stressed that the difference between developing countries and developed countries literally was based on the maturity of generating and deploying intellectual properties.
He said: “this is the difference; any country that does not understand this would probably continue to lag behind.
“The culture is very weak in Nigeria and therefore our agency that has been mandated by law to regulate the consumption of foreign intellectual materials in Nigeria realises that Nigeria is literally nearly a 100 per cent in consuming mode for technology-based intellectuals.
“Our observation is that the generic generating process of all intellectual property including patents, trademarks, industrial designs, franchises, are trade secrets.”
Business
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Banking/ Finance
Ripple Survey Reveals Appetite for Digital Assets
Cornerstone of Financial Services
A survey of more than 1 000 global finance leaders undertaken by digital payment network Ripple shows that 72% of respondents believe they need to offer a digital asset solution to remain competitive.
According to Ripple, leaders from the banking, fintech, corporate and asset management sector have made it clear that the “digital asset revolution is happening now”.
“Digital assets are quickly becoming a cornerstone of financial services, underpinned by progressive regulation, growing interest from Tier-1 banks, a steady consumer shift from banks to fintech providers, and booming stablecoin adoption,” Ripple says.
The survey was conducted in early 2026 and the findings released in March.
Stablecoin Boon or Bane?
Ripple has experienced significant success in the stablecoin sector since launching its Ripple USD (RLUSD) stablecoin in 2024.
With a market cap of $1.56 billion, it is considered a major regulated player in the market.
No doubt the platform was pleased to learn through its own survey that financial leaders were most bullish about stablecoins.
Roughly three-quarters of respondents believed they could boost cash-flow efficiency and unlock trapped working capital.
Ripple noted that finance leaders were thinking about stablecoins as more than “just a new way to execute payments”; instead, they viewed them as effective tools for treasury management.
In March 2026, Ripple began testing a new trade finance model built around RLUSD in a bid to increase the speed of cross-border payments.
The pilot initiative, developed alongside supply chain finance company Unloq [https://unloq.com], is running on the XRP Ledger inside a testing framework developed by the Monetary Authority of Singapore.
The Asian city-state is one of the platform’s biggest growth markets.
The idea behind the project is to see whether stablecoin-based settlement can streamline trade finance, too often hampered by reliance on intermediaries and slow reconciliation.
The only potential drawback is that if the initiative takes off, the Ripple to USD price could be negatively affected.
Ripple has always championed its native XRP token as a bridge asset, the “middleman” in the process of a financial institution turning dollars in the US into pounds in the UK, for example.
Ripple converts dollars into XRP and then back into pounds.
If RLUSD can do exactly the same thing, questions will be asked about XRP’s relevance.
That is a bridge Ripple will have to cross if it gets to that point.
Tokenisation Partners
Another interesting finding from Ripple’s survey is that most banks and asset managers are seeking tokenisation partners to help execute their strategies.
Some 89% of respondents said digital asset storage and custody were top priority. “Token servicing/lifecycle management also ranks highly for banks at 82%, while asset managers place greater emphasis on primary distribution at 80%,” Ripple found.
The survey also revealed that just more than half of fintechs and financial institutions want an infrastructure provider that can offer a “one-stop-shop solution”. This rose to 71% among corporate financial leaders.
Ripple attributes this to institutions and firms wanting uncomplicated, cohesive systems.
Infrastructure Rules
In its final analysis, Ripple says companies across the board are looking for partners and solutions that are “secure, compliant, battle-tested and that enable growth and execution”.
“The message is clear: infrastructure decisions made today will shape competitive positioning tomorrow.”
No surprise that this is precisely where Ripple is placing much of its focus.
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