The CBN Governor , Godwin Emefiele , made the call on Tuesday at the 4 th LAPO Conference on Microfinance and Enterprise Development in Benin , Edo State.
Emefiele explained that indigenous technology would increase production and stabilise prices when well harnessed , while reduction in the importation of machinery and finished products would have positive effect on foreign reserves and exchange rate .
But the CBN governor, who was represented by a deputy director in the Development Finance Department , Dr Amagwu Frank , lamented that the growth of local innovation had been rendered impracticable due to inadequate funding.
He said , “Presently , investment in research and development to Gross Domestic Product is about one per cent annually, and much of this has been from the government . There must be a conscious funding collaboration by the public and private sectors to ameliorate this situation .
“In addition , inter – institutional cooperation must be elevated to create synergy, especially better the natural agricultural research institutes, the National Centre for Agricultural Mechanisation and international research institutes . Let me reiterate that the bank will continue to implement policies that promote creativity among Nigerians. ”
The Chairman , Governing Council of the LAPO Institute , Dr Godwin Ehigiamusoe , described indigenous technology as a contributor to economic growth , peace and stability , through employment creation for a growing population of restive youth .
Ehigiamusoe also noted that the conference , with the theme , Indigenous Technology and Value Chain Development , was aimed at addressing the challenges in the nation ’ s economy by engaging scholars and policy makers.
“This conference has the objective of encouraging local scientific and technical capacity and the application of local research findings and technical knowledge to promote industrial development in the Nigerian economy , ” he added.
Declaring the conference open , the wife of the Edo State Governor , Mrs Betsy Obaseki, challenged the participants to consciously deliberate and identify creative methods to boost domestic production and reduce import dependency in Nigeria.
Earlier , a non – executive director of the CBN , Prof . Mike Obadan, had identified low patronage from government and the citizens , with a seeming preference for foreign products , as a major challenge to the development of domestic technology.
He , therefore , urged the Federal Government to design and implement policies and programmes for value chain inclusion .
He said , “ It is thus clear that the theme of this conference is very significant at this point in time considering the strong need being expressed by stakeholders for the country to step up production and export value added products so as to reap greater benefits from globalisation. ”