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Ministry, CBN partner on funding for research results

By on March 24, 2011

HOPE for national utilisation of research and development results have been raised with recent efforts of the Ministry of Science and Technology and the Central Bank of Nigeria reaching advanced stage to source funding for commercialisation of such results.

Minister of Science and Technology, Prof. Mohammed Ka’Oje Abubakar said at an investors’ forum for the commercialisation of one hundred key research results of the ministry in Abuja recently that the National Economic Reconstruction Fund (NERFUND) was also studying the commercialisable research and development results and the blueprint on commercialisation with a view to collaborating with the ministry on funding.

In addition to the establishment of the committee on funding of commercialisable research and development results, he was optimistic that the ministry and CBN would work out funding options for research results. The Bank of Industry has also pledged to collaborate with the ministry on its vision of taking research and development from the laboratory to the market.

Products presented to the stakeholders included processed indigenous foods, herbal preparations, diagnostic kits, organic fertilisers and pesticides. “These products will improve the nutritional status of Nigerians, boost agricultural yield and help in the treatment of arthritis cough, malaria, HIV and hepatitis,” the minister stated.

He was optimistic that the information presented on some of the products at the investment forum would be useful to the investing public and would fast track industrialisation in Nigeria, leading to creation of jobs and wealth.

He called on industrialists, entrepreneurs, market developers, financial sector, and commercial sections of the diplomatic corps to give urgent attention to these products, in order to further develop and strengthen commerce and industry, thereby creating wealth and jobs for Nigerians.

A total of 101 commercialisable research and development results and a blueprint on commercialisation of these results were last month presented to stakeholders, who expressed interest in collaborating with government towards commercialising them.

The main objective of the forum was to provide Nigerians and the global community, especially investors, bankers, development partners, members of the diplomatic community, entrepreneurs, among others, an opportunity for collaboration and partnership in driving Nigeria’s socio-economic development efforts through guided research and development.

Source : Guardian