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Digital Transformation: Minister seeks private sector investments for socio-economic benefits

Dr. Ogbonnaya Onu, Honourable Minister for Science, Technology and Innovation

*Dr. Ogbonnaya Onu, Minister for Science, Technology and Innovation urges the country’s business community to invest capital and ideas for the development of STI for the benefit of Nigerian consumers as the current efforts at ‘growing STI in Nigeria were not enough’

Gbenga Kayode | ConsumerConnect

The Federal Government of Nigeria has said venture capitals (VCs) in the technologically developed countries of the world do play a siginificant role in transforming ideas into tangible products for the socio-economic benefits of the citizenry.

ConsumerConnect reports Dr. Ogbonnaya Onu, Honourable Minister for Science, Technology and Innovation (STI) has urged the country’s business community to invest capital and ideas for the development of STI for the benefit of Nigerian consumers.

The Minister said this in a statement Josephine Ademu of Press and Public Relations of the Federal Ministry of Science, Technology and Innovation, issued Sunday, December 12, 2021, in Abuja, FCT.

The  statement noted Dr. Onu, who made call at a meeting with Nigerian entrepreneurs in Lagos at the weekend, said that the meeting between the Federal Government and entrepreneurs/captains of industry was “to create synergy on how private sector investment will be utilised for STI development for Nigeria’s socio-economic benefits.”

He declared that the Federal Government’s efforts at growing STI in Nigeria were not enough, hence the need for venture capitals’ involvement for the speedy development of the sector in the country.

Onu further said: “Venture capitals in the technologically developed countries play the very important role of transforming ideas into goods, by taking the necessary risks.

“In the absence of venture capitals, we need to involve our top rated entrepreneurs who are major risk takers in the development process.’’

According to the Minister, the Federal Government is dealing with manufacturers, and there is urgent need to utilise risk bearers who would constitute major off-takers of the products of scientific research and innovations in the Nigerian economy.

Legal and policy framework for entrepreneurs to succeed

Dr. Onu also explained that the necessary legal and policy framework has been formulated for the entrepreneurs in order to create the necessary conducive environment for enterprise development.

In his remarks on the occasion, Mohammed Abdullahi, Honourable Minister of State for Science, Technology and Innovation, said the STI was looking forward to leveraging its wealth of experience in application of scientific research and development outcomes.

Pascal Dozie (CON), a business guru and boardroom technocrat, delivered a speech titled, “Building Strategic Partnership between Science, Technology and Innovation community and Nigerian Entrepreneurs.

Dozie stressed the essence of the meeting was to foster effective collaboration among the critical stakeholders within the STI ecosystem that would lead to significant inclusive development and growth of Nigeria.

The expert expressed optimism that a robust framework for full commercialisation of key innovations could be achieved for the socio-economic advancement of the country.

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