Despite a plethora of research findings in Nigerian institutions, a wider gap exists between researchers and companies, which has continued to be the bane of developing technology and innovation needed in developing the nation’s economy, Abolaji Adebayo reports
In modern societies, it is commonly acknowledged that the convergence of innovation, science, and technology serves as an important force for the overall advancement of countries in the world. For a variety of reasons, nations invest in science, innovation, and technology because they understand the critical role these components play in fostering societal advancement, economic growth, and global competitiveness. These investments demonstrate an understanding of how science and technology can change the world and enhance the quality of life for its people. Therefore, countries that invest in science, innovation, and technology are often ahead of those that do not invest or rather invest poorly. When nation-building is discussed, several factors are taken into account, all of which are now influenced by science, innovation, and technology.
Investment
There are a plethora of examples of nations that invested heavily in science, innovation, and technology, which yielded positive impacts for them. Investments in technological innovation and research and development (R&D) have always been given top priority in South Korea. In terms of R&D spending as a percentage of GDP, the nation leads the world. This has fueled South Korea’s economic expansion and made it one of the world’s most developed economies. To establish itself as an Asian centre for research and technological advancement, Singapore has made deliberate investments in science, technology, and innovation. With an emphasis on industries including biotechnology, information technology, and clean energy, Singapore has developed a thriving innovation ecosystem.
The public and private sectors have long supported the United States’ large investments in science, innovation, and technology. Silicon Valley, a major global hub for innovation and technology, is located in the United States. Prominent tech companies have grown as a result of the nation’s tech hubs. China has accelerated its investments in science and technology, highlighting the role that innovation plays in propelling the country’s economic growth. In terms of cutting-edge technologies like 5G, quantum computing, and artificial intelligence, China has emerged as a key participant. China’s competitiveness in the tech sector has increased due to the rise in global prominence of Chinese companies such as Tencent and Huawei. Germany has a long history of funding R&D, especially in the fields of engineering and manufacturing.
Germany is a significant exporter of high-tech products and machinery in part because of its emphasis on technology. Considering its tiny size, Israel has made large investments in science and technology. Innovation and R&D are actively encouraged by the government. Israel is a world leader in cybersecurity and has created cutting-edge defence technologies. The nation has effectively promoted economic diversification by transferring technology from military to civilian applications.
Historical perspective
While speaking on the importance of innovation and technology in nation-building at a forum recently, a former Vice Chancellor of the University of Lagos (UNILAG), Prof. Oluwatoyin Ogundipe, noted that analysing past examples offers a useful perspective for understanding the significant influence of innovation, science, and technology on nation-building. One famous instance of how technological disruption sparked societal changes is the Industrial Revolution. “In addition to revolutionising production methods, the shift from rural to industrial economies also reshaped society. Following World War II, a new era marked by scientific and technological advancements came to be. Nuclear technology development has a significant impact on international politics and security. “Furthermore, the strategic significance of technological superiority was demonstrated by the Space Race be- tween the US and the USSR. During the Cold War, the ability to launch satellites and people into space became a mark of technological prowess and national prestige, impacting geopolitical dynamics,” Ogundipe said.
The Information Age, characterised by the quick development of computers, telecommunications, and the internet, began in the late 20th Century. Every element of society has changed as a result of the digital revolution, including governance, education, and even commerce and communication. Global connectivity and economic growth were accelerated in countries that adopted digital technologies. The American region of Silicon Valley rose to prominence as a hub for innovation, giving rise to tech firms that had a big impact on the world economy. Consequently, recognising the complexity of both the present and the future and utilising science and technology to promote inclusive and sustainable development.
Economic importance
According to the scholar, a country’s ability to innovate and use technological advancements is closely linked to its economic development. The United States Silicon Valley, frequently regarded as the centre of technological innovation, is a prime example of how a concentration of high-tech businesses can spur economic expansion. The financial necessity of funding R&D and cultivating an innovative culture is demonstrated by the achievements of countries such as South Korea and Singapore, which became technological giants through calculated investments and policies. Ogundipe explained: The need for nations to invest in innovation, science, and technology in order to promote competitiveness, sustainable economic growth, and general prosperity is emphasised by the economic imperative of these fields’ effects on nation-building. This imperative is grounded in several key factors such as:
Economic growth
“Innovation is a key factor in economic growth, frequently resulting from advances in science and technology. Countries that allocate resources towards research and development (R&D) foster an atmosphere that is favourable for technological innovations, resulting in amplified productivity and efficacy throughout various sectors. Using cutting-edge technologies boosts productivity and enables countries to produce more with fewer resources. Studies such as the Industrial Revolution have shown that increased efficiency leads directly to economic growth.”
Global competitiveness
“Innovation- and technology-driven nations frequently have an edge over rivals in the international arena. Leading developments in fields like biotechnology, information technology, and renewable energy not only boost a country’s export potential but also draw in foreign capital, solidifying its place in the international economy. Countries that can quickly adapt are better positioned to compete globally in the Fourth Industrial Revolution era, which is defined by technologies like artificial intelligence and the Internet of Things. The ability of a country to utilise and incorporate these technologies into its services and industry is essential for its economy.”
Job creation and industry growth
“New industries are encouraged to emerge through investments in technology and innovation. In addition to producing highly skilled jobs, the expansion of industries like biotechnology, clean energy, and information technology also supports ancillary businesses, which boosts overall employment and economic diversification. Environments that encourage entrepreneurship are often conducive to innovation. Governments that support small and medium-sized businesses (SMEs) in the technology sector foster economic dynamism by assembling a group of creative companies capable of propelling economic expansion.”
Infrastructure and connectivity
“The economic imperative of innovation is contingent upon the construction and upkeep of a resilient technological infrastructure, encompassing research facilities, high-speed internet, and telecommunications. The infrastructure of this kind draws capital, sustains innovation hubs, and makes it easier for technology to be smoothly incorporated into different economic sectors. Technological developments in communication enable international trade and cooperation. Investing in contemporary communication infrastructure helps countries become more connected to international markets, which promotes trade and economic ties.” Research and Development (R&D) as Catalysts for Innovation “Encouraging innovation ecosystems are produced by significant R&D investments, which promote the creation of novel technologies and solutions. Institutions of higher learning, industry alliances, and public-private partnerships are all essential to fostering an innovative atmosphere.”
Tech sector employment
“High-skilled job opportunities are created by the expansion of technology-driven industries like software development, biotechnology, and telecommunications. These industries help to create a skilled workforce because they frequently need workers with experience in STEM (science, technology, engineering, and mathematics) fields. Jobs in the digital economy – which includes e-commerce, digital marketing, and online services – are created to meet the changing needs of consumers. Jobs in data analysis, cybersecurity, and digital content production fall under this category.”
Research
Every discovery starts with research which later leads to creation and development. Most companies that major in production spend a fortune on research ditto nations that toe the path of development. Most of the research is carried out by re- searchers at higher institutions of learning, which are later sold to the companies that develop them. However, scholars have raised alarm that there is a big gap between the researchers in Nigeria and the companies who can actually buy and build on their research for development. According to them, the majority of the research carried out by institutions is not marketed to the industries that have the capacity to develop it. Prof. Ogundipe noted that the government is not doing enough in marketing the research carried out by those institutions, stating that there is a need for the government to create a body that will take our research to the market.
Ours is to do the research, it is the responsibility of the government to market the research. Go to FIIRO in Oshodi, there are plethora of research they have done which is still inside the cooler. “We should try to woo the investors who buy the research from the researchers. That is how is done in other developed countries.” The scholar said nation-building could only be achieved through Innovation, Science, and Technology.
Last line
Ogundipe noted that the intersection of cutting-edge science, technology, and nation- building is a dynamic force influencing the course of history. Nations can harness the transformative power of innovation to build resilient, prosperous, and sustainable societies by adopting a future-oriented mindset, allocating resources to education and research, and responsibly navigating the challenges. “Let’s set out on a journey together where innovation serves as the cornerstone for building a nation and moves us closer to a more promising and inclusive future,” he said.
