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U.S Urges FG to Invest more in Science, Research

The American Academy of Arts and Sciences has urged the Nigerian government and the private sector, to allocate adequate funds to the ministry of Science and Technology, to realise its full potential and advance development of the nation.
Jonathan Fanton, President, of the academy, made the call at a dinner to mark 40th anniversary of Nigerian Academy of Science (NAS) located in Lagos.
Fanton, who identified science and technology as the key to national development, added that the benefit that would accrue to its citizenry would be massive, if properly funded.
According to him, investment in sciences will boost production and healthcare delivery among others in the sense that it will aid in capacity building, researches and innovations.
“I recommend significant increase in funding for basic sciences by government, industries private sector, for this will go a long way to ensuring food security, poverty reduction and improve academic standard .
“Such investment will also avail children the opportunity to embrace science as their courses of study both in secondary and tertiary institution of learning.
“Because laboratories in schools among others will be well equipped to enhance easier learning,” he said.
Prof. Mosto Onuoha, President, Nigerian Academy of science said the goal of the organisation was to ensure that the gains of science and technology were brought to bear in the solution of national problems.
Onuoha, who identified science as critical in national development, said it cut across all spheres of life and economy which include health, water, sanitation, hygiene, electricity, transportation, Agriculture and education.
The president reiterated that no remarkable progress would be made worldwide without sciences adding that it was a transformation agent.
He however, said improved investment in the sector would go a long way to boost the capacity of professionals in the area of research, students’ performance, environmental sanitation and health care delivery.
Onuoha, who identified inadequate fund as one of the changes bedeviling the academy however, urged the Federal Government, industries as well as philanthropists to prioritise investment in the sector for quality and efficient service delivery.
He however, expressed the determination of the academy to ensure better future for the citizens particularly the younger generation.
“Science has solutions to diseases, water borne problems, energy. There are lots of problems befalling man kind that science can effectively resolve.
“Our people die of environmental and sanitation problems and these issues can only to be tackled scientifically.
“Our goal and aspiration is to see young children embracing science technology, develop interest in Mathematics, Physics, Chemistry, Agriculture and Biology as against what is obtainable now.”
Similarly, Donald Duke, former Governor of Cross Rivers State, while congratulating the academy for giant strides, made so far, however, urged them to collaborate with governments at all levels to ensure that science was well captured in schools curriculum.
Duke, who reaffirmed that “we are moving faster to the technological world’’, said this required every Nigerians to embrace it and as well be science compliance or else you would be left behind.
According to him, if science and technology are well captured in school curriculum, it will go a long way to enhance school performance and national development.
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EFCC Arraigns Two FSDH Bank Officials Over $307k, €50k Fraud


EFCC
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AfDB Supports Francophone Africa Start-ups with €6.5M

The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.

The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
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Nigeria Inks $1.3bn MoU with AFC for Alumina Refinery, Mining Push

Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.

Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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