A research expert, Prof. Olufemi Taiwo is advising Nigerians to invest adequately in research and development so as to foster economic improvement
The Director General of the Nigerian Institute of Social and Economic Research (NISER), Ibadan, Prof. Olufemi Taiwo, has made a call for adequate investment in research and development to improve the Nigerian economy.
Prof. Taiwo made the call recently while speaking at the June Research Seminar Series of the Institute in Ibadan, the Oyo State capital. He also stressed that the country must invest in technology to attain economic development. “We need to invest in research and development to improve our economy.
We should also improve technology because it plays a major role in the economy”, Prof. Taiwo said. Emphasizing on the importance of intra-industry trade, the public officer said benefits therein are enormous, saying no country can live in isolation.
Delivering a paper titled “Drivers of Intra-Industry Trade between Nigeria and The European Union” at the seminar, Dr. Damilola Arawomo urged Muhammadu Buhari to liaise with the national assembly, relevant agencies and organizations to enforce local content policy in the country to reduce cushion the effects of ongoing dwindling economy in the country.
Dr. Arawomo who is of the Department of Surveillance and Forecasting,NISER, Ibadan noted that all efforts must also be put towards diversifying the economy. He pointed out that the fall of oil price at the world market would not have been have much effect in the Nigerian economy if Nigeria has been able to diversify its economy.
His words: “We are all aware that we can get about 1000 products from the crude , if we refine these products and sell them, the price of all these products will not drop at the same time and we will not have the problem we have now. “We should identify some products we have capacity that we can refine and sell to developed countries and not them turning us to a dumping ground”.
Arawomo who declared that all products in which Nigeria have Intra-Industry Trade (IIT) with the EU are vertically differentiated and emerged in early 2000,said it is still low compared to what rate it suppose to be. “As at 2012, only 38 per cent if all products in which Nigeria has with the EU were exported from Nigeria, therefore, efforts should be made to increase the intensity of export of such products. “There are a lot of multinationals in the country, but there are benefits to get from them, but beyond that immediate needs, we should look inward, that we need to learn from them so that we can have capacity to transfer the knowledge.
“So, the government needs to make such policy to enable us to learn on how to make some of these things. “We need to make it as part of our policy to encourage them to embark of more research for development, by the time they are developing, our people will understand more and we will be able to move ahead”, he said. Reviewing the lecture, Mr.Amos Ogunwale called on the government to address infrastructure inadequacy to fast track economic growth and industrial development.