The Minister of Science, Technology and Innovation, Dr Ogbonnaya Onu has called for more private investments in science, technology, and innovation in Nigeria, stating that the efforts made by the federal government are not sufficient.
He made this call during a breakfast meeting with Nigerian entrepreneurs in Lagos over the weekend.
This was contained in a press statement titled ‘Onu seeks more private sector investment for STI’, which was distributed by the head of the ministry’s press and PR, Josephine Ademu.
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The press statement read, “The minister of Science, Technology and Innovation, Dr. Ogbonnaya Onu has called on entrepreneurs, venture capitalists, and the business community to invest more capital, innovation, and ideas into the development of science, technology, and innovation in Nigeria.
“Dr. Onu said that efforts of the Federal government to grow STI in the country haven’t been enough and the need for venture capitalists is crucial to the speedy development of the sector.”
He was quoted as saying, “Venture capitalists 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 capitalists, we need to involve our top-rated entrepreneurs who are major risk-takers in the development process. For so long we have been dealing with manufacturers, but we need to utilize the risk bearers who will constitute the major off-takers of the products of scientific research and innovation activities by our scientists all over the country.”
