Why Nigeria Is Still Underdeveloped – Sanusi The Central Bank Governor, Malam Sanusi Lamido Sanusi yesterday said until the Nigeria, as a nation reviewed its policies and made it consistent, it would remain underdeveloped. Speaking at the Air Force Institute of Technology (AFIT) in Kaduna as the guest speaker, Mal Sanusi said Nigeria like other low-income and developing countries paid insignificant attention to research and development, a situation he said, was largely responsible for their stagnation. In the lecture which was part of the AFIT 42nd graduation ceremony activities, the CBN governor noted that, “in Africa, gross domestic expenditure on research and development as a percentage of Gross National Product (GDP) continued to remain under 0.5% in the past two decades. “For example, while as at 2010, average total expenditure (as % of GDPP) on research and development was 2.7% ($405.3 billion) for USA, 2.0% ($296.8 billion) for China, 3.67% ($160.3 billion) for Japan and 3.74% ($55.8 billion) for South Korea, it was 0.23% ($0.910 billion) for Egypt, 0.39% ($0.13 billion) for Uganda, 0.42% ($0.11 billion) for Botswana, and 0.17% ($0.1 billion) for Ethiopia. Nigeria was not included in the table, as countries that spend less than $100 million dollars annually on research and development are not captured. “In the case of Nigeria, the poor funding of research is compounded by the lack of appropriate funding mechanism that ensures that efficient matching of research funding demands with sources of funding supply. On the part of the tertiary institutions, there are cases of lack of planning capacity and poor or outdated research infrastructure, while on the government side there is the critical issue of lack of coherent policy and regulatory framework that provide adequate incentives for research initiatives and funding,” he said. Malam Sanusi further pointed out that, poverty also remained the greatest challenge to national development of most sub-Saharan African, including Nigeria. - See more at: leadership.ng/news/240713/why-nigeria-still-underdeveloped-sanusi#sthash.93DIGWlM.dpuf
Posted on: Thu, 25 Jul 2013 02:38:42 +0000
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