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Nigeria Plans to Set a Technology Development Bank



Dr. Ogbonnaya Onu, the Minister of Science and Technology on Tuesday disclosed that the Nigerian government was planning to set up a Science and Technology Development Bank.

Dr. Onu made this known in Abuja the federal capital territory of Nigeria during a meeting with the National Association of Motor Mechanics and Technicians.

The bank as disclosed by the minister would provide fund for research and innovative activities. The bank would also aid the informal sector in meeting up with technology.

He revealed to his audience that the process of setting up the bank has already been initiated by the ministry. The ministry through this initiative looks forward to execute the venture capital component in order to enhance the technological development process, the Minister said.