Business
Stakeholders List Gains Of Science, Technology Expo
As 2018 Technology and Innovation Expo ends on Friday in Abuja, participants have commended the Federal Government for the initiative, saying it is an effective avenue to promote indigenous technology and innovations.
However, some of the participants, who made the commendation in separate interviews with newsmen, called for better organisation in next year’s edition of the expo.
They suggested that subsequent expos should include the welfare of the exhibitors throughout the duration of the event as most of them did not have adequate accommodation and security.
Mr Josiah Nyalwat, an exhibitor of agro driers, threshers, hammer mill, Irish potato processing machines, said he had been sleeping at the venue of the event at the close of each day because of his inability to get proper accommodation.
“Each day we have to look for where to sleep, there is nothing like hotel accommodation for exhibitors, we are left on our own with all the inconvenience of being in an unfamiliar environment.
“We are the ones that have to arrange to bring our inventions to the expo ground and also arrange how to take them back.
“All these are expenses borne by the innovators, this should not be so, the organisers should make arrangements to foot some of our bills to make the expo better appreciated by exhibitors”, Nyalwat said.
Mrs Ramota Yusuf, an entrepreneur that deals on Nigerian fabrics, also lamented lack of welfare, saying organisers should endeavour to ease their hardship next time, especially in the provision of security and accommodation.
“When you have to worry about where you will sleep or keep your personal belongings in a public place like this does not bring out the best in you.
“We have come here to showcase what Nigeria can give the world but when we have to worry about where to lay our heads at the end of the day, it does not really make you have total focus and even learn new things from others”.
Another exhibitor of locally fabricated milling machine, Mr Silas Bulus, however, said his company had made adequate provisions for him and his colleagues, which lasted the duration of the expo.
“Governor has made it possible for us to be here, the onus is on whoever wants to showcase his work to take care of himself or his group.
“How many people will the ministry be able to fund their accommodation and feeding or other conveniences?
So, for me the expo has been good and I look forward to subsequent ones.
“Commendation should be given to the Federal Government because ordinarily, it would not have been possible for many of us to showcase our abilities to the world”.
As official of the Ministry of Science and Technology, the organisers of the expo, who requested not to be mentioned, said complaints of some participants would be addressed in the next edition.
He, however added that the ministry did not have the obligation to provide accommodation for participants but security personnel were adequately provided in the venue for safety of property, participants and visitors.
The Tide source reports that the expo was organised with a view to promoting results of Research and Development (R and D), commercializing the results as well as products and services of research in the nation’s tertiary institutions. The expo, which started on March 5 ends on Friday.
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.