How Nigeria can achieve N10 trillion revenue from knowledge assets – Stakeholders

At the end of a summit convened by Research for Impact, Knowledge-Economy, and Sustainable Development (RIKE-SD), and organized by the West and Central Africa Research and Education Network (WACREN) in Abuja on Thursday, discussions centred on the pivotal role of research, development, and innovation in driving economic growth and prosperity.

Abike Dabiri, Chairperson of the Nigeria in Diaspora Commission (NIDCOM), emphasized the importance of leveraging Nigeria’s intellectual capital.

She said, “Without data, without research, without developments, we cannot grow. Mr. President himself has stressed the need for research, development, and innovation.

“You need to grow, and you cannot grow without research and innovation. We have a wealth of talent, and what we aim to do with this group is to collaborate with the diaspora community to harness that talent and the enormous resources we possess as Nigerians.

“Our greatest asset is not even the oil, but the talent and resources we have at our disposal.”

Similarly, Prof. Elias Bogoro, former Executive Secretary of the Tertiary Education Trust Fund (TETFUND), highlighted the centrality of research in a knowledge economy, pointing out Nigeria’s robust government support for fostering research and innovation.

He stated, “When we talk about a knowledge economy, research is at the core. Nigeria is no exception. The government recognizes this and demonstrates strong involvement, facilitation, and support through the Ministry of Science, Technology, and Innovation, as well as the Ministry of Budget and National Planning.”

Former Director General of the Defence Research and Development Bureau, Air Vice Marshal (AVM) Jomo Osahor (retd), emphasized the importance of creativity and independence in research, stating, “Research and development are essential for the growth of every nation because it requires creativity and innovation. Relying solely on foreign ideas is not necessary.”

Mustapha Popoola, Executive Director of RIKE-SD, emphasized the significance of institutionalizing research, development, and innovation across sectors. He outlined plans to launch a coordination platform for Research, Development, and Innovation in Nigeria.

He explained, “Just like what happens in other countries when there are presidential pronouncements, it is not a matter of waiting to be asked to act.

“Mr. President, in his wisdom, has emphasized the need for us to institutionalize research, development, and innovation across the board.

“Therefore, our primary goal is to effectively utilize the development innovation toolkit to analyze the presidential priority areas, which amount to eight key focus areas.

“When we engage think tanks, they analyze the situation scientifically and socially, using various methods to determine the optimal solution.

“So, when we discuss generating an additional N10 trillion in revenue for Nigeria through knowledge assets, research outcomes, innovation, and foreign direct investment facilitated by RDI platforms that we are collaboratively developing.”

The summit, supported by the Foreign Commonwealth Development Office (FCDO), UK, aimed to strategize on leveraging Nigeria’s intellectual capital for economic growth.