Business
Varsity Wants 1% GDP Dedicated To STI
African University of Science and Technology (AUST), Abuja, has urged African countries to dedicate one per cent of their GDP to Science, Technology and Innovation (STI) to meet the African Union Agenda 2063.
The African Union (AU) Agenda 2063 is a strategic framework for the socio-economic transformation of the continent over the next 50 year.
The agenda builds on and seeks to accelerate the implementation of past and existing continental initiatives for growth and sustainable development.
The President of AUST, Prof. Kingston Nyanma-pfene, gave the advice last Tuesday in Abuja during the review of Africa Capacity Reports (ACRs) 2017 that focuses on building capacity in STI for Africa’s transformation.
According to him, African countries should even set a more ambitious target of up to three per cent of Gross Domestic Products (GDP).
He explained that ACRs supported the entrenchment of capacity development in Africa’s development agenda.
He said that each report was meant to narrate all the critical capacity dimensions that were pertinent to Africa’s growth and economic transformation.
“ The ACR2017 recognises that with the adoption of agenda 2063, the commitment of Africa to the Sustainable Development Goals and the Industrialisation Strategy, STI is critical.
“Furthermore, the 23rd Ordinary Session of African Union Heads of State and Government Summit adopted a 10-year Science, Technology and Innovation Strategy (STSA2024) in June 2014.
“The strategy is part of the long-term people-centred Africa’s development blueprint, agenda 2063,” he said.
The president said that the ACRs2017 recommended coordinated collective effort to identify the critical STI skills essential for countries’ sustainable growth.
According to him, private sector and development partners ought to support and complement governments’ efforts by providing funding, investing in critical skills, and promoting sharing of good practices.
“Creating an enabling environment for local scientific research institutions and think-tanks to be the voice of scientific authority in Africa,’’ he said.
He said that regional database of critical skills for agenda 2063 ought to be established in support of STI from national skills inventories.
The president said that more regional and international Centres of Excellence in areas critical to Africa’s STI development ought to be created.
He said that there was need to develop institutional capacity by investing heavily in high-quality universities, state-of-the-art and well-equipped laboratories, ICT infrastructure and research funding.
According to him, the continent needs to intensify efforts toward bridging the gender gap by promoting participation and leadership by women in STI.
He added that the African countries ought to implement coherent strategies for regional STI systems as “nested networks” of national STI systems with differentiated capacities.
The Regional Director, United Nations Educational, Scientific and Cultural Organisation (UNESCO), Mr Benoit Sossou, said that ACRs2017 would go a long way to assist African continent if the recommendations would be implemented.
Sossou, who was represented by Dr Enang Moma, the National Professional Officer, Science in UNESCO promised that the organisation would intensify efforts in sourcing for international financial donors to support Africa toward STI development.
Business
CBN Predicts 4.17% GDP Growth In 2025
The Central Bank of Nigeria (CBN) has announced that the 2025 economic indices indicate a positive outlook, with the nation’s GDP expected to accelerate to 4.17 per cent for faster economic growth.
Mr Muhammad Abdullahi, Deputy Governor, Economic Policy Directorate, CBN, revealed this on Tuesday during the 11th edition of the National Economic Outlook: Implications for Businesses in 2025.
The hybrid event, convened in Lagos, was organised by the Chartered Institute of Bankers of Nigeria (CIBN) Centre for Financial Studies in collaboration with B. Adedipe Associates Ltd.
Abdullahi said the nation’s 2025 economic projections remained optimistic with fiscal and monetary reforms already paying off, resulting in the GDP anticipated rise from 3.36 per cent recorded in 2024.
According to him, the growth is anchored on sustained implementation of government reforms, stable crude oil prices, and improvements in domestic oil production.
Abdullahi also stated that stability in the exchange rate would play a crucial role in maintaining the positive trajectory, with the inflation rate projected to decline due to the impact of economic reforms.
“Achieving the targeted inflation rate of 15 per cent in 2025 will require effective collaboration between monetary and fiscal authorities, alongside private sector participation for a stable economic environment,” he said.
The keynote speaker said that the apex bank would prioritise price stability and strengthen the financial sector to support SMEs and critical sectors for businesses to thrive.
Abdullahi noted that the nation’s evolving policy landscape presented both challenges and opportunities for businesses to thrive.
“The government is making deliberate strides to diversify its revenue streams and reduce dependence on the volatile oil sector.
“Through ongoing tax reforms aimed at broadening the tax base and improving collection efficiency, the government is working to establish a more sustainable fiscal environment.
“While these reforms may present challenges in the short term, they are essential for building a more resilient and diversified economy in the long run.
“As businesses, it is crucial to adapt to these changes, understanding that they will ultimately strengthen the economic foundation for future growth.
“As we move forward on this path of exploration and collaboration, we must remain focused on the vast opportunities before us.
“Nigeria’s abundant resources, coupled with the current administration’s commitment to economic reform, offer a fertile ground for innovation, investment, and sustainable growth,” Abdullahi said.
Similarly, Prof. Pius Olanrewaju, President/Chairman of the Council, Chartered Institute of Bankers of Nigeria (CIBN), said 2024 presented both challenges and opportunities.
He noted that the GDP signalled gradual recovery amidst global and domestic pressures.
“As we move into 2025, we are presented with both the opportunity and responsibility to critically examine the economic landscape.
“This forum will help us identify the risks, harness the opportunities, and strategize for the future,” Olarenwaju noted.
He commended the collaboration of experts at the annual event, which included Dr Kabir Katata, Director, Research, Policy and International Relations, Nigeria Deposit Insurance Corporation; and Dr Henrietta Onwuegbuzie of the Lagos Business School.
Others were Akinsola Akeredolu-Ale, CEO, Lagos Commodities and Fixtures Exchange; Mr Akeem Lawal, Managing Director Interswitch (Pure pay); and Chinwe Uzoho, Regional Managing Director, West and Central Africa Network International.
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