Science tech., innovation, key to economic development - Emefiele

Updated Friday 13 October 2017 13:29

Mr. Emefiele who was represented by the Deputy Governor in charge of Corperate Services, Alhaji Suleiman Baru said development worldwide is largely driven by the ability to develop, distribute and exploit intelligence to achieve competitive edge, and to create wealth and improve the welfare of citizenry.

He added that challenges of STI include access to finance, cost of borrowing and absence of alternative known traditional sources for funding.

He further stated that financing of STI in Nigeria has had to largely depend on incentives, direct loans, budgetary provisions and support from international organisations.

He said, "Records show that the budgetary allocation to the Ministry of Science and Technology for 2015, 2016 and 2017 as a per cent of total was a dismal 0.66%, 0.87% and 0.93% of total budgetary provision respectively.

"This is far too low to achieve the drive towards harnessing STI to develop agro-allied industries as well as other sectors," he said.

Mr. Emefiele said the gaps identifed by CBN led to it to playing a major role under its intervention schemes to provide funding at a single digit to agriculture and inclusive agro-industrial industries.

He listed the intervention schemes to include, Risk Sharing System for Agricultural Lending (NISRAL), the Agricultural Credit Guarantee Scheme (ACGS), the Commercial Agricultural Credit Scheme(CACS), the Ancor Borrower Programme (ABP) and Youth Entrepreneurship Development Program (YEDP) among others.

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