News Investigators/ Shu’aibu Shehu, the Executive Secretary, Petroleum Technology Development Fund (PTDF), says the agency committed will continue to lead in Africa’s quest to move from academic theory and research to innovation.
Prof. Shehu said this on Monday during the opening of a three-day African Innovation and Investment Summit by the African University of Science and Technology (AUST) in Abuja.
The summit had as its theme: “Reshaping the Future of Africa through Innovation, Investment and Collaboration.”
Represented by Mr Yinka Agboola, General Manager, Research and Innovation, PTDF, Shehu said the focuse on industrial realities signalled a new era for investment in Africa’s energy sector.
“The fund has, over the years, developed and executed various laudable programmes and projects for the development of indigenous manpower and technology in the oil and gas industry.
“This is towards the effective utilisation of the Nigerian oil and gas oil and natural gas resources programmes.
“Our interventions cover such areas as professional overseas and local scholarships schemes, as well as strategic collaboration with stakeholders.
“These have made tremendous impact in developing relevant capacities and innovation in the oil and gas sector,” he said.
He said that the PTDF was currently working to turn scientific breakthroughs into commercial ventures thereby creating a fertile ground for private investors to thrive.
Albert Harvey, President, African Experts for Innovations and Sustainable Development, Sierra Leone, said that a functional ecosystem was key to sustain investments in science and technology.
Mr Harvey said that Africa’s failure to scale a reliable ecosystem was not due to lack of talent, but because of uncoordinated efforts and poor lack policies implementation.
“In Africa we have knowledge that is not commercialised, innovations that are not fully funded, policies that are not fully implemented,” he said.
He said that for investors to thrive, Africa must move beyond discussions to establishing policies and funding mechanisms that truly understand the continent’s needs and dynamics.
Mr Harvey advocated a policy of import substitution to further protect the interests of local investors and startups
NAN