Expert harps on developing new technologies for economic growth

Prof. Olalekan Akinbo of the African Union Development Agency (AUDA-NEPAD), says Nigeria and member-states should develop new technologies and use them for economic growth and sustainable development.

Akinbo, a Supervisor at the AUDA-NEPAD Centre of Excellence in Science, Technology and Innovation, gave the counsel on Thursday in an interview with the newsmen in Abuja.

He said that by developing new technologies, the environment would be protected, productivity improved, wealth created and availability of sustainable jobs increased.

“At different levels of economic growth, innovation and technology are essential for promoting structural change.

“Increasing one’s competitiveness is built on top of these,” Akinbo said.

He said that evidence-based analysis revealed that technology could help in the development of economy, society and the environment.

According to Akinbo, experts agree that nations must reconsider technological innovation and ensure that its application is sustainable to avoid economic and environmental catastrophe.

He stressed that it was pertinent that governments understand the role of technological innovation in ensuring sustainable and equitable development.

“This is achievable by supplying the necessary tools to make decisions that will be beneficial to all.

” Sustainable, innovative technology will also create more fulfilling and inclusive opportunities,” he said.

Akinbo noted that at many levels of government and industries, Nigeria had a better chance of reaping the benefits of innovative technological breakthroughs if they were readily available.

He also pointed out that human and physical resource expansions as well as investment in research and development are critical to the success of enabling environment.

“Nigeria can increase capacity for innovation by measuring its performance, using its strengths, resolving its innovation weaknesses, and learning from the best practices of nations emerging as leaders in innovation.

” This is crucial for fostering an atmosphere that promotes inclusive and long term economic development,” the AUDA supervisor said.

He, however, expressed optimism that there are resources available for policy makers to utilise in developing national innovation policies.