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.”
The Central Bank of Nigeria (CBN) yesterday said 33 banks have met new minimum capital requirements under its recapitalisation programme, raising a combined N4.65 trillion to strengthen the financial system.
The apex bank disclosed this in a statement marking the end of the exercise, which commenced in March 2024 and drew participation from domestic and foreign investors.
The statement was jointly signed by the Director of Banking Supervision, Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Hakama Sidi-Ali.
The statement said “Over the 24-month period, Nigerian banks raised a total of N4.65tn in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy.”
The regulator said local investors accounted for 72.55 per cent of the funds, while international investors contributed 27.45 per cent, reflecting continued confidence in the sector.
Commenting on the outcome, the CBN Governor, Olayemi Cardoso, said in the statement, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”
It added that while 33 banks have complied with the new thresholds, a few others are still undergoing regulatory and legal processes.
The statement noted, “The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme.
“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.
“All banks remain fully operational, ensuring continued access to banking services for customers.”
The apex bank stressed that the exercise was executed without disrupting banking operations, ensuring uninterrupted access to services nationwide.
It further stated that key prudential indicators have improved, particularly capital adequacy ratios, which remain above global Basel benchmarks.
The minimum ratios were set at 10 per cent for regional and national banks and 15 per cent for banks with international licences.
The bank also said the recapitalisation coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall stability.
To preserve these gains, the CBN said it has reinforced its risk-based supervision framework, mandating periodic stress tests and adequate capital buffers for banks.
It added that supervisory and prudential guidelines would be reviewed regularly to strengthen governance, risk management, and resilience across the sector.
“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” the statement said.
The Tide learnt that foreign capital inflows into Nigeria’s banking sector rose by 93.25 per cent year-on-year to $13.53bn in 2025, up from $7.00bn recorded in 2024, amid the ongoing recapitalisation drive by the Central Bank of Nigeria.
Data from the National Bureau of Statistics capital importation report showed that the banking sector remained the dominant destination for foreign capital, accounting for $13.53bn of the total $23.22bn recorded in 2025, representing 58.26 per cent of total inflows, up from 56.81 per cent in 2024.
The surge reflects heightened investor interest in Nigerian banks as they raised fresh capital to meet new regulatory thresholds introduced by the apex bank, with industry-wide recapitalisation activities driving large-scale inflows across all quarters of the year.
However, the Centre for the Promotion of Private Enterprise (CPPE) recently raised concerns over weak credit flows to small businesses despite recent banking sector reforms.
The CPPE, led by a renowned economist, Dr Muda Yusuf, acknowledged that the ongoing bank recapitalisation exercise by the CBN has strengthened the financial system, but warned that the benefits have yet to translate into meaningful support for the real economy.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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