Nigeria can generate N10 trillion yearly from a knowledge-based economy -Expert

Nigeria can generate more than N10 trillion yearly through a knowledge-based economy, according to Dr. Mustapha Popoola, Executive Director/Global Impact Lead of Research for Impact and Knowledge Economy for Sustainable Development (RIKESD).

This was said by Popoola on Thursday in Abuja at the organization’s launch.

He claimed that by luring Foreign Direct Investment (FDI) through research money into the nation, the economy might be strengthened.

According to Popoola, government and commercial organisations must invest in capacity building to accelerate the growth of the knowledge-based economy.

Without productivity, he claimed, the country’s economic problems could not be resolved.

“Until we produce those things, whether they be knowledge-based or not, elsewhere.

“Once that occurs universally, categorization ceases to be an issue; everyone can sit down and observe the numerous innovations coming from different communities; the moment you have those small contributions, that is how to build the economy.”

He said that we are attempting to guarantee that we harness all of that.

We are essentially looking at a fascinating knowledge-based economy that can bring in no less than N10 trillion annually for our national income.

The current national budget is approximately N20 trillion. Without the knowledge-based economy, we don’t know what the incoming government’s budget will be.

“The digital economy and innovation are highly significant on their own, assuming we now include the entire knowledge economy as well as just digital.

“We are discussing research in the automobile sector, space, agriculture, green economy, and circular economy,

With everyone in Nigeria contributing in their own small manner, we are now collectively convinced that N10 trillion naira will be obtained legally in Nigeria, he added.

He claimed that was how the company thought the economy should be broken down.

“For this reason, we are now developing this effort to collaborate with government, business, academia, and funders.

“We want the funder to be interested in Nigeria; the reason they are fleeing is that their funding is not having an impact,” he said.

Leena Pylvänäinen, Finland’s ambassador to Nigeria, emphasised the importance of integrating innovation into sustainable development.

“Finland is an innovative nation; it consistently ranks among Europe’s most innovative nations.

Therefore, she explained, “we completely understand what today is about: making innovation in our sustainable development.(NAN)