Nigeria's Investment in Research Yields Low Economic Returns

During a strategic meeting in Abuja, Minister of Science, Technology, and Innovation Uch Nnaji highlighted that the economic returns on investments in Nigerian universities and polytechnics are below expectations, despite significant investments in research and development. The meeting, which involved the Commission for Science and Technology Innovation, was deemed critical as Nigeria strives to effectively commercialize research outputs.

Nnaji pointed out that while Nigeria invests appreciably in research, the valuable outputs often remain unutilized, leading to unemployment and low contributions to GDP. He emphasized the necessity of creating a system that supports patenting, prototyping, and market access for research commercialization.

Permanent Secretary Philip Ebiogeh echoed this sentiment, stating that Nigeria cannot afford to let research findings gather dust. The government has initiated a national research commercialization policy, allocating N2 billion for research innovation and N3 billion for a program operational until 2026, aimed at bridging the gap between knowledge generation and value creation, particularly for micro, small, and medium enterprises.