FG to establish science and tech dev’t bank

The federal government is to establish a Science and Technology Development Bank, (STDB), to provide capital for commercialisation of new ideas and support local technological development in the country.

The Minister of Science and Technology, Dr. Ogbonnaya Onu, stated this in a lecture delivered at the 29th convocation of the Federal University of Technology, Owerri on Friday.

The minister also noted that the proposed National Research and Innovation Fund (NRIF) will assist research and developmental work in the country.

He said the federal government also intends to establish technology villages in the six geo-political zones.

Dr. Onu said “in today’s globalized world, talent alone cannot make one fulfilled”.

The minister also spoke on the collaboration between the ministry and universities, stressing that many branches of research institutes will in the future be located in or affiliated with universities.

He said a conscious mobilization had begun with the aim of sensitizing the citizenry on how science, engineering, technology and innovation can be utilized to strengthen the economy, reclaim national pride and energise enduring happiness.

The minister said by focusing on science and technology, and projecting it as the bedrock of growth and development strategy, Nigeria’s economy would adjust to the path of sustainable growth.

He lamented that Nigeria has never paid sufficient attention to science and technology as pupils and students run away from the study of mathematics and sciences while parents discourage their children from pursuing career in the sciences.

Dr. Onu pointed out that the quickest way to reverse the recession in the country was to pay adequate attention to the role which science and technology could play in energizing domestic production.