TECH UPDATE: World Bank Supports Nigeria with $3million for Establishment of Innovation Hubs

Hey folks,

The World Bank has been confirmed to approve $3million as a support fund for the establishment of technology hubs in Nigeria; this was disclosed by President Mohammed Buhari who was represented by the vice president, Prof. Yemi Osinbajo during the 2018 Science and Technology Innovation Expo with the theme “fast Tracking Sustainable Development of Nigeria through Science and Technology”

World Bank Supports Nigeria

The presidency made it known that the country is willing to venture into technological innovation; which  will ease some of the challenges such as security, infrastructure, economy melt-down; among others; that the country is presently facing.

He also stated at the event, the approval of New Science and Technology Innovation Roadmap 2012-2030 for the Country as well as the National Strategy for competiveness in raw materials and product development in Nigeria.

He continued that the federal government plans to strengthen the technology and innovation ecosystem by supporting the development of new innovation hubs in partnership with the private sectors; using a selection procedure for the implementation and management of the hubs. Each hub is projected to focus on a particular problem peculiar to their location.

As regards this, the presidency signed a presidential executive order for the supplying and execution of projects and programmes in the area of science, engineering and technology on the 2nd of February, 2018. The execution order stated that “There will be establishment of centers for acquisition of technology in each of the geopolitical zones of the country and alongside with the provision of intervention funds that will strengthen research and development through training programmes and partnerships in Nigeria Universities and polytechnics”.

This innovation, however has been emphasized by President Buhari; would create jobs, attract investment and boost the country’s economy at large.




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