*Economy could be successfully diversified during post COVID-19 with less emphasis on oil
WorldStage Newsonline– The Federal Government of Nigeria has projected its Supplementary Protection Measures (SMP) as a wake-up call to the scientific community and organized private sector companies to grow and further diversify the economy.
The Honourable Minister, of Science and Technology, Dr Ogbonnaya Onu said at the virtual edition of WorldStage Economic Summit 2020 on Tuesday 10th November, 2020 that the country had been able to save N3.327 trillion between 2017 to 2019 following the embargo on the importation of some goods through official foreign exchange sources.
The savings were ₦613.61billion, ₦412.83billion, and ₦2.3trillion respectively in the three years.
Represented by Mr Eteama Henry, Project Manager: Strategy Implementation Task Unit (SITU), National Strategy for Competitiveness in Raw Materials and Products Development, the minister said “We have taken advantage of the Federal government’s Fiscal policy measure to effectively channel R&D activities towards items with high tariff and those that are now outrightly banned. Federal government Supplementary Protection Measures (SMP) is a wake-up call to the scientific community and organized private sector companies.
“We would like to inform this august body that we are currently embarking on redirecting R&D projects to industry and service demand-driven undertakings. All R&D institutions, Universities and Polytechnics across the country are advised to take advantage of the new realities and embark on STI enabled R&D projects with commercializable breakthroughs and findings. We would continue to push the frontier of commercialization of R&D breakthroughs in a manner that critical stakeholders earn benefits. Hence, while protecting intellectual property of our Scientists and their institutions, they would earn sufficient benefits from their efforts. Likewise, OPS that takes off R&D breakthrough would be compensated with ample benefits via subsidies and tax holidays.”
He said domesticating the current reality of COVID-19 Pandemic for Nigeria would require orderly and well coordinated efforts by all stakeholders including governments at all levels, businesses, development partners and the non-governmental/community based organizations.
He said the current reality of the nation’s economy as depicted by the structure of the growth rates and relative sector contribution to GDP provided interesting but mixed challenges to policy design, programme development and projects/activities.
“The current structure of the economy shows that Nigeria’s economy could be successfully diversified during post COVID-19 with less emphasis on oil,” he said.
“The most instructive new normal is the contribution of crop production at double digit level of 21.97% in 2020Q2 and 22.67 overall 2019. Similarly at double-digit contribution at 14.3% in 2020 Q1 from 10.30 overall 2019 contribution in real terms in 2019 GDP. Before the recession in 2016 and the current situation influenced by COVID-19 Pandemic, our economy was heavily dependent on Agriculture, Oil and Distributive trade. This current reality is a clear confirmation of my earlier strategic approach to leverage the Nigeria Science, Technology and Innovation ecosystem in restructuring the economy away from Commodity-based to knowledge driven economic development.
“As soon as I was appointed the Honourable Minister responsible for the Federal Ministry of Science and Technology, I focused on Nigeria’s’ drive towards global competitiveness in identification, harnessing and utilization of our abundant human, raw materials and products development in Nigeria. Indeed by 2017, we secured the Federal Executive Council (FEC) approval of both the National Strategy and its Implementation Plan. Indeed, the national strategy was designed to develop/enhance a robust STI and Humanities/Art ecosystem that is serviced with well focused and targeted industry and services demand-driven R&D programmes, projects and activities.
“The main thrust of the strategy is to reduce Nigeria’s’ over-dependence on import, especially of items we are well endowed with ample comparative advantage to supply the world. This will save a huge foreign exchange especially in R&D activities which will eventually translate to high quality Made-in-Nigeria raw materials, products and services. Our desire and goal is to ensure establishment of strategic alliance between the knowledge domain (Universities, Polytechnics/Monotechnics and R&D Institutions) and our industries, businesses and the entrepreneurs. These alliances are designed to observe the need to establish a strong and resilient National Quality Infrastructure (NQI) with support from the pillars of Standardization, Conformity Assessment and Metrology. As the regulatory establishments conduct mandatory Conformity assessment with requisite tool boxes, they are compelled to maintain delicate balances between Societal and Business Concerns before issuance of credible certification and Accreditation.
“The Strategy is designed to ensure that our graduates from tertiary institution are industry and businesses compliant with practical skills of modern and engaging STI demand. Our target is to minimize the issues of legislated or committee developed curricula of tertiary institutions but evolving curricula based on solving contemporary industry and services challenges.
“With appropriate dosage of STI, research and development would improve both the abundant Agro, Mineral and Energy raw materials required by local industries and services to meet the demand for export. Let me cease the opportunity of this very important summit organized by distinguished Ladies and gentlemen on “Consolidating Economic Diversity” to enumerate some crucial achievements recorded since the National Strategy was approved for implementation by FEC on Wednesday, 31st May, 2017. A functional institutional arrangement have been established to include constitution and inauguration of the National Consultative Committee on Competitiveness (NCCC) with ten (10) Standing Committees. In addition, a Strategy Implementation Task Unit (SITU) is established in the Federal Ministry of Science & Technology (FMST) and a Competitiveness Desk Office in our twenty MDAs.
“The Competitiveness advocacy programmes have been conducted to include Round Table summits for MDAs of government, Organized Private Sector establishment, the Media and most importantly, for the first time in the history of our country, the workshop for all regulatory establishments in Nigeria. We believe in the role of regulators if Nigeria’s drive towards global competitiveness must be realized.”
He said the current reality of economic down-turn could be turned into new normal that is extremely beneficial with long-lasting impact on Nigeria’s industrial development and to enhance global competitiveness in all its ramifications.
