News
Science & Technology Bank to Boost Nigeria’s Research Programme – Onu
Dr. Ogbonnaya Onu, minister of science and technology, has said that a recommendation by the ministry in its Roadmap would create a separate bank that will fund research and development, R&D, in the country.
The minister said the recommendation follows a fresh thinking by the government to move the economy from resource to knowledge base, a new area of intervention that will fortify and trigger an industrial revolution.
Onu who was on tour of some industries in Lagos said the ministry had made the proposal in the Science and Technology Roadmap having realized the importance of research in promoting industrialization and the vexed issue of huge interest rate charged by banks.
“The federal government has taken the decision and firmly commits itself to move away from the resource-based economy to knowledge-based economy and this requires intense research which is germane to building a virile industrial base.
We understand the constraints faced by industry operators to access funds given the high-interest rate, so we intend to intervene in this area by proposing a bank that will be capitalized to take away the interest rate burden off the industry. So we have taken it into consideration in the Science and Technology that span through 2017 to 2030”, he said.
Responding to requests by the management of Fidson Plc, a wholly indigenous pharmaceutical company, when he visited the firm’s corporate office in Lagos, the minister, said Nigeria is highly endowed in terms of resources but yet could not feed herself.
“Today the federal executive council has taken a hard stance in the area of procurement such that any resource that can be locally sourced must not be importance henceforth. My tour of the industries is to encourage you and facilitate your interface with our research institutions. Our research must be market driven and we will take the risk in its commercialization process”, the minister assured.
Speaking further he said the visit to Fidson Plc is significant as it was the first To a wholly indigenous firm on a unique date, 7/7/17, and the date will ever be remembered during when he assured that government would not relent nor renege in its commitment to raising local industrial capacity in order to grow the Gross Domestic Product, GDP, create jobs and promote socio-economic development.
Earlier, executive director operations of the company Mr. Biola Adebayo said the Nigerian Pharmaceutical industry requires support and special government intervention to promote medicine security.
Adebayo said the company has made strategic investments to grow the sector but the environment is not supporting such investment plan, adding that interest rate has inhibited access to funds while there is an insufficient interface between the industry and research institutes, thus placing an extra financial burden on the sector in the area of research and development.
“I want to appeal to the honourable minister to intervene and see how the government will help bring down the interest rate which is in the neighbourhood of 30-35 percent in some cases. What we want is a Single Digit Fund, we have a lot to contribute to save lives as well as create employment,” the director added.
News
Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria
Legit.ng recently joined forces with the Shade of Life Foundation to become a voice of autism, and drive advocacy for improved media support during Autism Awareness Month.
Conversations around media support exploration was led by Joseph Omotayo, head of Department for Human Interest Stories at Legit.ng, and Dr. Eziafakaku Nwokolo, founder and CEO of the Shade of Life Foundation,
This partnership is a response to the concerns raised by organizations like the Shade of Life Foundation about the level of support received from the media in discussing autism as a disability.
While other disabilities may receive attention, autism, with its critical developmental implications often lacks adequate representation in mainstream media.
Recognizing the importance of addressing these concerns, Legit.ng took proactive steps by integrating itself into the essence of autism awareness.
It facilitated a one-hour workshop with Dr. Nwokolo, the founder of the foundation, to deepen our understanding of autism, its various spectrums, and the language boundaries associated with it.
Other steps we took in advocating autism awareness in the media, can be seen in our attached press release.
Legit.ng believes that by amplifying the voices of autism and advocating for better media representation, we can contribute to creating a more inclusive and accepting society for all.
News
As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply
While 85 per cent of Nigeria is in darkness, Tanzania, an African country has shut down five hydroelectric stations in a bid to reduce excess electricity in the national grid.
Kassim Majaliwa, prime minister, Tanzania, has said the main plant, Mwalimu Nyerere Hydroelectric Station, alone generated enough electricity to power major cities, including Dar es Salaam, the country’s commercial hub.
It is the first time Tanzania, which suffers chronic power shortages, has closed hydroelectric stations due to excess production.
“We have turned off all these stations because the demand is low and the electricity production is too much, we have no allocation now,” an official from state-run power company, Tanesco, said.
The 2,115MW Julius Nyerere Hydropower Dam is said to be almost filled with water following heavy rains that started early this year.
Meanwhile, while the country has an installed capacity of 1,938MW and the grid installed capacity of 1,899MW, Nigeria which has an installed capacity of 13,000MW is struggling to electrify 85 per cent of its electricity consumers.
News
President Tinubu Appoints Jim Ovia as Student Loan Fund Chairman
President Bola Tinubu has approved the appointment of Jim Ovia, renowned banker and businessman, as the Chairman, Board of the Nigerian Education Loan Fund.
Ovia’s appointment is contained in a State House statement titled, ‘President Tinubu appoints Jim Ovia as Chairman of the Nigerian Education Loan Fund,’ and issued on Friday by Ajuri Ngelale, special adviser to the President, Media & Publicity.
The statement noted that “Ovia is the founder of one of Nigeria’s leading banks and a respected business leader, with a surfeit of efforts and benefaction towards nurturing and empowering young Nigerians.
“He is an alumnus of Harvard Business School and holds a Master’s in Business Administration from the University of Louisiana.”
The National Student Loan Programme is a pivotal intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.
The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage.
“The President believes Mr. Ovia will bring his immense wealth of experience and professional stature to this role to advance the all-important vision of ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education over a lack of funds,” the statement partly read.
Ovia’s appointment will also ensure “that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society and core contributors to the knowledge-based global economy of this century.”
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