Buhari Allocates 0.5% GDP To Research, Development

President Muhammadu Buhari has asserted that as a means of fast-tracking meaningful development in the country, the Federal Government would allocate at least 0.5 per cent of the nation’s Gross Domestic Product, GDP, to Research and Development(R&D).

On Monday, at the opening of the 2023 Technology and Science Expo in Abuja, Buhari made the revelation in person through his chief of staff, Prof. Ibrahim Gambari.

To this end, Buhari said talks have been established with the National Economic Council, NEC, to come up with plans to achieve the goal.

“Having come to terms with the challenges of this critical sector of the economy, we would reiterate that, henceforth, a dedicated 0.5% of our GDP will go to R&D in order to fast track meaningful development.

“Genuine effort in actualising this objective is ongoing through our communication to the National Economic Council to come up with modalities in achieving this noble intention of government,” the President stated through his Chief of Staff, Gambari.

Buhari also emphasized the importance of science, technology, and innovation (STI) to the nation’s socioeconomic development, stating that it is a well-established fact that no country in the world has ever advanced without the use of STI.

Buhari added that his administration has shown a love and desire for applying STI to diversify the economy by increasing funding for the Federal Ministry of Science, Technology, and Innovation, whose prior funding was so little that it was unable to produce any significant economic growth.