The head of the National Metallurgical Development Centre, Jos, Plateau State, Prof Linus Asuquo, mentioned that the country's 0.5% Gross Domestic Product for research and development is not enough to make significant progress.
He stated that for the country to make real progress, it is not encouraging to spend less than 2% of its GDP on research and development.
The DG shared this during a discussion with journalists in Uyo, Akwa Ibom State on Wednesday.
He explained that the GDP for research and development was only 0.1% before former President Muhammadu Buhari raised it to 0.5%, but he is unsure if this has been put into action.
He mentioned, "The issue in this country is the inadequate expenditure on research and development, and I am saying this everywhere. Some successful countries allocate 2-3% of their GDPs to research and development.
"Did you know that our GDP for research and development was 0.1% until the recent increase by former President Muhammadu Buhari to 0.5%? I am unsure if this has been implemented.
"For us to achieve anything significant, anything less than 2% is not encouraging and should be the starting point."
He encouraged Nigeria to invest in research and development across all sectors, emphasizing the importance of research and development particularly highlighted by the COVID-19 pandemic.
Regarding Ajaukuta Steel Mills, the DG expressed that the project can be achieved with the political will and determination of the All Progressives Congress-led administration of President Bola Tinubu, but cautioned against international politics affecting the project's realization.
He added, "Ajaukuta is still possible if we have the political will. I have been following Ajaukuta Steel Mills for years, and we must be cautious about international politics. We import about N5bn worth of steel every year, and if we intend to have our own, the countries we import from may not be pleased.
"We should understand that the West, regardless of their friendly demeanor, would not want you to be on par with them. Those in government should acknowledge that international politics can thwart any efforts."
He commended Tinubu for establishing the Ministry of Steel Development, emphasizing that the ministry will now focus primarily on Ajaokuta Steel Mills.
