News
FG Seeks more Private Sector Participation in Research, Development
Mr. Edet Sunday Akpan, the Permanent Secretary of the Federal Ministry of Science, Technology, and Innovation, has called on the Organized Private Sectors (OPS) to explore more ways of partnering with the various Research Institutes and Agencies in commercializing viable products and services for the nations benefit.
The Permanent Secretary made the call on Monday while declaring open the 19th Meeting of the National Council on Science, Technology and Innovation (NCSTI) in Abuja.
The theme of the council Meeting is “Investment in Research and Development: A Necessary Tool to Improving Nigerian Economy’’.
He said that the Ministry was working tirelessly towards the reduction and elimination of the current high level of stand-alone research efforts scattered all over the country, especially those tied to national priorities.
Mr. Edet said the council, is a veritable platform to ensure that all relevant stakeholders in the STI sector are fully integrated and involved in the development and deployment of STI in addressing national issues.
He further affirmed that STI constitutes the engine of socio-economic advancement of any nation, adding that there is a need for closer collaboration among the three tiers of government.
In his remark, Halilu Shaba, the host and Director General of NARSDA, said ‘‘the idea of having the council meeting is to bring stakeholders together to look at where to collaborate and enhance government efforts.
‘‘Because we are having all the permanent secretaries in the states, the Council will be looking at areas of innovations, future technology and also identify some gaps because there are efforts that are going on in the universities, states and local government level, new expectations will come from.’’
‘‘In terms of implantation, a lot is going on at state and federal levels, I can assure you that in the past few years most decisions taken in this kind of meetings are been implemented under the watch of this minister, even with paucity of funds. We believe we have all it takes to make Nigeria great.’’
On his part, the director general of the national Biotechnology Development Area, NABDA, Prof. Abdullahi Mustapha said the meeting is about bringing all that matters in science and technology together. As regards to what we produce here, he said government is looking at how to use them to advance the economy.
The Council meeting is the second highest science and technology body that makes policy decisions and look at other areas of development.
EFCC
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.
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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