Members of the House of Representatives on Thursday expressed overwhelming support for adequate funding of research and innovation in the country.
The solidarity was conveyed during the consideration of the bill for an Act to establish the Research and Innovation Trust Fund charged with the responsibility of imposing, managing and disbursing the research and innovation tax in Nigeria and for other related matters, sponsored by Chime Orji.
Some of the lawmakers who spoke in favour of the bill are: Nkiru Onyejeocha, chairman, House Committee on Aviation and Sunday Adepoju.
In his lead debate, Orji (Enugu-PDP) who sponsored the bill explained that the legislative framework seeks to promote the commercialisation of research products through the imposition and collection of innovation tax from the private sector.
The lawmaker noted that the Tertiary Education Fund (TETFUND) was restricted to funding research in tertiary institutions, hence the need to institute a fund for financing commercially viable research conducted outside of Universities and Polytechnics.
He said the Innovation Tax Fund when operational will ensure the much needed linkage between research and the industry, adding that the current economic recession provides Nigeria with the opportunity to focus on local production.
“The reason why we are not seeing results is that there is no linkage between research and the industries”, he said.
Also speaking in favour of the bill, Sunday Adepoju (APC-Oyo) urged that it was high time for Nigeria to jettison the idea of technology transfer and prioritise the funding of local scientists and researchers.
On her part, Nkiru Onyejeocha (Abia-PDP) posited that Nigeria would have to invest in innovation, saying commercially viable products developed through well funded research will earn the country foreign exchange.
While ruling, Speaker Yakubu Dogara referred the bill to the House Committee on Science and Technology for further legislative action.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
