Nigeria to establish science and technology development bank

The Federal Government is in the process of establishing a science and technology development bank, the Minister of Science and Technology, Dr. Ogbonnaya Onu, has said.

Onu said this when the leadership of the National Association of Motor Mechanics and Technicians led by its president, Mr. Suleiman Oseni, paid him a courtesy visit in Abuja on Monday.



The minister said the bank would assist the informal sector close technological gaps and give financial assistance for research and innovations activities across the country.

He said the Muhammadu Buhari administration was committed to fulfilling the promise made to Nigerians to harness the abundant human and natural resources in order to build a better Nigeria by creating jobs and wealth through the application of innovations in the science and technology sector


Onu said the ministry had commenced the process of establishing the bank with a view to implementing a venture capital component, which would help catalyse the process of technological development in the country.

He called on the association to brace itself for the challenge of population growth in the country by improving on the quality of time spent by the public at workshops and make honesty and reliability their watchwords.

Onu reiterated the pivotal role the informal sector offers in creating employments and job opportunities for teeming youths in Nigeria.

In his remarks, Oseni called on the government to help develop ancillary industries for the production of car components and accessories to engage mechanics in Nigeria.

He also called on the ministry to establish an all-inclusive research department that would different professionals to approach a problem from different perspectives.