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Minister seeks private sector investment in STI for socio-economic gains

Venture capitals in the technologically developed countries play the very important role of transforming ideas into goods, by taking the necessary risks.

By Sylvester Thompson

Dr Ogbonnaya Onu, Minister of Science, Technology and Innovation(STI), has called on the business community to invest capital and ideas for the development of STI in for socio-economic benefits.

This is contained in statement issued on Sunday in Abuja by Josephine Ademu of Press and Public Relations of the Federal Ministry of Science, Technology and Innovation.

She stated that the minister made the call during a meeting with Nigerian entrepreneurs in Lagos at the weekend.

According to her, the meeting between the Federal government and entrepreneurs/captains of industries is to create synergy on how private sector investment will be utilised for STI development for Nigeria’s socio-economic benefit.

Onu said that efforts of the Federal government to grow STI in the country weren’t enough, hence the need for venture capitals’ involvement was crucial for the speedy development of the sector.

“Venture capitals in the technologically developed countries play the very important role of transforming ideas into goods, by taking the necessary risks.

“In the absence of venture capitals, we need to involve our top rated entrepreneurs who are major risk takers in the development process.’’

The minister said the federal government was dealing with manufacturers, and there was urgent need to utilise risk bearers who would constitute major off-takers of the products of scientific research and innovation.

He explained that the necessary legal and policy framework was laid out for the entrepreneurs in order create the necessary conducive environment.

The Minister of state for Science, Technology and Innovation, Mohammed Abdullahi, said the ministry was looking forward to leveraging on its wealth of experience in application of scientific research and development outcomes.

Business guru Pascal Dozie (CON), delivered a speech titled Building Strategic Partnership between Science, Technology and Innovation community and Nigerian Entrepreneurs.

He said the essence of the meeting was to foster effective collaboration among the critical stakeholders within the STI ecosystem that would lead to significant inclusive development and growth of Nigeria.

He expressed optimism that a robust framework for full commercialisation of key innovations could be achieved. (NAN)