Business
How To Grow Science, Technology, Innovation In Nigeria — Academy
The Nigerian Academy of Science (NAS) has said channelling funds towards education and manpower development would aid Science, Technology and Innovation (STI) growth in the country.
Making this assertion in an interview with newsmen, the President of NAS, Prof. Mosto Onuoha in Lagos said, there is the need for Nigeria to begin implementation of the United Nations Educational, Scientific and Cultural Organisation (UNESCO) recommendation of 26 per cent of national budget to education.
”Presently, Nigeria has only allocated 7.04 per cent to education, and this falls short of UNESCO’s recommendation.
”If the country is not devoting enough finance to education and manpower, it will not help the country to achieve much with STI.
”We need to also have resources allocated to research and ensure that the teaching profession is taken seriously so that the country can compete favourably with other countries,’’ he said.
Onuoha urged the Federal Government to look into the state of public schools in the country, as their environment, facilities, and remuneration for teachers which do not come as and when due, needed to be given attention.
He also called for proper and continuous training of teachers so that they would be abreast of what obtains in the educational system.
”The incident that happened in Kaduna State where the government tested the teachers and found them lacking in skills and expertise is not a good experience.
”Owing teachers backlog of salaries also does not augur well due to the fact that it can bring down the morale and zeal to teach,’’ he said.
The NAS president said that the benefits of pushing STI forward could help the country in solving problems, as there was no problem that did not have a science base to solving them.
He said that STI was required in many fields, like in health, where it could help people to be conscious of personal hygiene which would help reduce the constant outbreak of diseases.
”The issue of Lassa fever that was reported to have killed hundreds of people; if people observed good hygiene, it would have reduced the impact.
“We need to teach our people, raise the awareness for a clean environment for people from primary to secondary schools.
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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