FG Floats N675bn Science Fund

FG Floats N675bn Science Fund

Postby Richard Akindele » Fri Jun 23, 2006 3:22 pm

The Federal Government yesterday said a $5 bn (N675bn) National Science and Technology Endowment Fund would be established in the next two weeks to address the problem of funding that has militated against Nigeria's industrial development.

Minister of Science and Technology, Professor Turner Isoun, said the Federal Government would provide N5 bn which would serve as the seed money for the fund while the private sector, including corporate organizations and rich individuals would be expected to contribute to the fund.

Addressing a forum on Science, Technology and parliament organized by UNESCO in concert with the Islamic Education, Scientific and Cultural Organization (ISESCO) and the Nigerian National Commission for UNESCO in Abuja yesterday, Isoun said international agencies and friends of Nigeria would be approached to contribute to the fund.

He said the Federal Executive Council was putting finishing touches to a bill to be presented to the National Assembly in respect of the fund by the end of the month, adding President Olusegun Obasanjo who had given approval for the establishment of the fund was intent on seeing that the fund takes off before the end of September.

According to the minister, the coming of the fund, which would operate in a competitive granting system is expected to change the face of science and technology in the country.

Foreigners who are interested in solving Nigerian problems will also be expected to apply for funding when the National Science and Technology Fund takes-off.

"I don't know of any better way to spend Nigeria's resources than to spend it in science of technology. If the present administration makes that happen, that's the best legacy we can leave for this country."

Source: This Day
Richard Akindele
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