Executive Order 5 will boost indigenous Fintech development


• Minister says Nigeria’ll provide verifiable statistics on STI progress

The Minister of State for Science, Technology and Innovation, Barrister Mohammed Abdullahi has said that Executive Order 5 will help the development of indigenous financial technology services (FINTECH), which will help reduce capital/intellectual flight and improve Nigeria’s socio-economic fortunes.

Abdullahi said this when he received the Chairman of the Committee of e-Business Industry Heads, Mr Adeyemi Atanda in his office in Abuja.

The e-Business committee is an advocacy group that contributes to the growth, stability and sustainability of the payment systems of Nigeria.

Barrister Abdullahi said that the Ministry will support the development of financial systems transparently and inclusively.

He added that an elaborate and elastic policy framework would be developed to accommodate FINTECH development in Nigeria.

Earlier, the chairman of the committee, Mr Adeyemi Atanda said the committee seeks to work closely, share thoughts and look for ways to develop an inclusive roadmap on FINTECH development with the Ministry.

He further stated that capacity building in the development of Science, Technology, Engineering and Mathematics (STEM) by infusing aspects that will help youths embrace FINTECH.

Meanwhile, the Minister of State for Science, Technology and Innovation, Barrister Mohammed Abdullahi has charged Scientists, Researchers and Innovators to rise and provide verifiable statistics on the various progress made so far by Nigerians in STI.

The Minister said this during the opening ceremony of the 19th Meeting of the National Council on Science Technology and Innovation in Abuja.

According to the Minister, despite gains made in the past years, Nigeria remains low in ranking of the global innovation index, 2021, this he added is as a result of lack of data activities in the Innovation Space.

He further stated that Nigerians have made giant strides in Inventions and Innovations but are not adequately captured as data from relevant Institutions do not meet up with the challenges.

Barrister Abdullahi further said that one of the major challenges facing the Science, Technology and Innovation Sector in developing countries like Nigeria is funding, adding that government needs to invest heavily in R&D to spur industrialization and improve the livelihood of Nigerians.

In a goodwill message, Governor of Lagos State, Babajide Sanwo-Olu represented by Mr Hakeem Fahm, the Commissioner for Science, Technology and Innovation Lagos State said that funding of research and development has to be sustained in order to boost STI.

He further appreciated the leadership of the FMSTI for setting the standards and also recognizing that nation has to invest in research.