FG Disburses N81 Million To 126 Nigerian Inventors

The Presidential Standing Committee on Inventions and Innovations has paid the sum of Eight One Million, Five Hundred Thousand Naira (N81, 500,000) to 126 inventors and innovators.

Speaking at the award ceremony on Monday, the Minister of Science and Technology, Ogbonnaya Onu said that innovations and inventions are key drivers of economic progress of any nation, adding that many developed nations such as India, China, South Korea etc, recognized the potential of innovation and applied it to building their respective nations.

“Innovation involves using creativity to improve the things we do in a way to promote productivity and enhance competitiveness,” he said

On the current economic realities facing the country, he eulogized the policies put in place by the federal government to diversify the economy and stimulate the socio economic development of Nigeria.

Onu charged the beneficiaries of the grant, to assist in achieving the nation’s proposed sustainable diversification programme, adding that the nation was clearly interested in growing a new generation of businessmen and women, who will utilize locally developed technologies to improve their business ventures.

On economic diversification, the minister highlighted the need to look inward in exploring and exploiting the abundant human and material resources available in the country today. He also implored the beneficiaries, to commercialize and improve their inventions so as to compete with others and help to reduce patronage of foreign goods.

He further said the full commencement of the proposed National Technology and Innovation fund will boost research and development activities of innovators across the country.

Earlier, the Permanent Secretary of the Ministry, and Chairman Presidential Standing Committee on Inventors and Innovations(PSCII) Mr. Bitrus Bako Nabasu said the successful integration of STI (Science and Technology and Innovations) to national development policies will improve the socio economic fortunes of Nigeria.

He added, that the (PSCII) award grant, is to encourage Nigerians with Innovative and creative ideas and achieve a technological breakthrough for the country.