Lack of venture capitalists bane of Nigeria’s economic devt

The Minister of Science and Technology, Ogbonnaya Onu, has that said lack of venture capitalists has been the bane of Nigeria’s economic development.
Onu, who disclosed this at the press briefing on the 2018 science, technology and innovation expo (Expo 2018), in Abuja, also said that many industrialists in the country had failed to commercialise findings from Nigerian researchers.
The minister said tha in the US and other advanced economies, venture capitalists had always been in close collaboration with researchers to take their findings to the market.
He said that without commercialising research findings the country’s economic growth would not be impressive.
But he said the federal government was now vigorously encouraging interactions between the researchers and inventors with a view to commercialising research results.
Some of the research products were currently being commercialised, he added.
He said: “I am happy to inform you that one of our research products has been the high-density nutrient biscuits produced by NASCO Food Limited, Jos, and is now available in the open Nigerian market for the use of both adults and children alike.
“Similarly, some inventions in the area of health care delivery have been taken over for commercialisation by the giant pharmaceutical company, May and Baker. The finished product will be in the market in few months’ time. We expect many more to be commercialised before long.”    
Onu also disclosed that the number of registered patents in the country increased to 50 in 2017, underscoring the fact that Nigeria was making progress in research and innovation.
“This is a sign, no doubt, that Nigeria is moving in the right direction with regards to scientific innovation”, he said.
On the Expo 2018, coming up in March, where President Muhammadu Buhari will be the guest of honour, he said that its main objective was to bring to the fore the capabilities of Nigerian scientists, engineers, inventors/innovators in contributing to sustainable development of Nigeria.