Why Nigeria needs improved technology contribution to GDP – Israeli Ambassador

Nigeria needs an improved contribution from the technology sector in other to improve the growth of the economy, the Israeli ambassador to Nigeria, Michael Freeman, said in Abuja.

He noted that Nigeria and Israel have commenced moves to deepen partnership in innovation, entrepreneurship and production with the aim of harnessing former’s huge potential for its technological development.

Freeman made these known during his working visit to the Executive Secretary of the Tertiary Education Trust Fund, Sonny  Echono, at the Fund’s headquarters in Abuja on Tuesday.

According to a statement released on Wednesday in Abuja, Freeman who expressed Israel’s desire to work with Nigeria in the area of technology and entrepreneurship development, described Nigeria as a country of huge potential due to its teeming youth population.

While speaking on the impact of an improved contribution from the technology sector to Nigeria’s economy, Freeman said, “Forty five of Israel’s GDP comes from innovation and entrepreneurship start-ups, as the country’s major economic sectors are involved in high technology and industrial manufacturing.

“With Nigeria’s huge potential, if the same could be achieved, or even a 30% GDP addition to Nigeria coming from technology, innovation and entrepreneurship, it will hasten the country’s economic development”.

He added that Nigeria possessed the potential to be a destination for businesses if innovative developments were harnessed, particularly through “innovation incubation hubs”.

In his remarks, the TETFund boss expressed appreciation to the Israeli ambassador for his visit and commitment towards strengthening ties with the agency in Nigeria’s quest for technological and economic development.

While expressing excitement at the numerous benefits derivable from the partnership, he stated that “If innovation and entrepreneurship can provide 45% of Israel GDP, one can only imagine what 10 or 20% will do to Nigeria’s GDP with our population.”

According to Echono, there is a global consensus that Nigerians are hardworking and intelligent if provided with the right incentives, and one can envision what can be unlocked through technology, innovation and entrepreneurship.

(Punch)