Stakeholders advocate innovation culture for economic transformation

Toyin Ajadi, Lagos.

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Professor Kingsley Moghalu, President of the Institute for Governance and Economic Transformation.

Nigeria needs to embrace the culture of innovation by investing more in Science and technology to grow the economy and adapt to the needs of the future.

This counsel formed part of the recommendations by the President of the Institute for Governance and Economic Transformation, Professor Kingsley Moghalu at the 2018 Bullion Lecture of the Centre For Financial Journalism in Lagos.

Professor Moghalu who was speaking on the theme ”Overcoming Poverty: The Secret of the Wealth of Nations”, noted that innovation-based economies create more opportunities for self-employment and provision of services.

He said there was also the need to bridge the gap between innovation and commercialization in order to ensure that intellectual properties are appropriately priced.

”The absence of a link between science, commercialized indigenous innovation, economic and business activity is a fundamental obstacle between Nigeria and a quantum leap to prosperity.

“This gap is all the more tragic because science and technology is one area in which African countries such as Nigeria can quickly develop global competitiveness advantage over the Western world and even Asia”, Moghalu said.

He said to bridge the gap effectively, the country’s trade policies should be considered systematically in-tandem with the nation’s industrialization plans.

The Former Deputy Governor of the Central Bank of Nigeria, among other recommendations, also advocated the need for strong institutions in the country to create a level-playing field for various stakeholders in the economy.

According to him, ”to understand the state of development of any country, all we need to do is to look at its institutions- whether they exist in fact; and if so, how robust are they?”

Also identifying innovation as the key to industrialization, the Chairman of the Board of Commissioners of the Nigerian Communications Commission, Senator Olabiyi Durojaiye, expressed optimism that the Telecom industry would drive the fourth industrial revolution across the world.

Durojaiye said the Nigerian Communications Commission has therefore embarked on training of youths across the country to prepare them for the industrial revolution.

Amaka E. Nliam