In a bid to direct further attention on industrialization of the country through MSME development, the Federal Institute of Industrial Research, Oshodi (FIIRO) organized an Investment and Technology Week held between 14th & 17th October, 2014.
The Investment and Technology week was conceived by the Institute in order to achieve the following;
(i) To show case the Institute’s over 250 developed technologies and how they can become useful in the 774 Local Government Areas in Nigeria to create jobs and reduce unemployment drastically;
(ii) To bring together stakeholders in the commercialization of R&D results such as; captains of industry, investment promotion agencies, technology providers, MSME support institutions, financial institutions, development partners, policy makers, investors, youth organizations and NGOs amongst others in a bid to transfer these technologies into the marketplace;
(iii) Create opportunities for setting-up about 2,500 – micro, small and medium enterprises. To generate more than 250,000 jobs and attract about $575M Foreign Direct Investment (FDI) into Nigeria within the next one year.
OPENING
The week-long event was declared open on Tuesday, October 14, 2014, by His Excellency Arch. Namadi Sambo GCON, Vice President, Federal Republic of Nigeria who represented the President and Commander in Chief of the Armed Forces, Dr. Goodluck Ebele Jonathan, GCFR.
Dignitaries in attendance at the opening ceremony include the Honorable Minister of Industry, Trade & Investment, Dr. Olusegun Aganga, Chairman of the occasion, Dr. Oba Otudeko CFR, Chief Olabode George, and a host of others.
The Chief Host and Minister FMST, Dr. Abdu Bulama was represented by the Permanent Secretary Federal Ministry of Science & Technology, Mrs. Winifred Oyo-Ita. The Chairman of the Governing Board of FIIRO, Dr. Alex Obi and other members of the Board were also in attendance.
As part of activities marking the week, beneficiaries of FIIRO technologies exhibited their products and services to the public. Financial institutions such as the Bank of Industry (BoI) and Reg-Charles Finance & Capital Limited were also on ground. Sister agencies such as the Raw Materials Research & Development Council (RMRDC), Nigeria Natural Medicine Development Agency (NNMDA) and Nigeria Building & Road Research Institute (NBRRI) participated in the exhibitions. Other exhibitors from Nigerian Association of Small & Medium Enterprises (NASME), Technology Incubation Centre Lagos, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) also took part in the event. Others include Honeywell Flourmills, Niji Foods, Hicmann, Nigeria Cassava Growers Association (NCGA), Survival Food Nigeria Limited, Remita, S. Addis Agricultural Engineering Ltd., Mutosefiti farms etc.
On display at the exhibition pavilion were products, machineries and equipment for the processing of a wide array agro-produce. There were 87 companies in all that participated in the exhibition with 50 of them representing direct beneficiaries of FIIRO’s developed technologies.
DEPARTMENTAL DAYS
The Technical Departments in the institute were assigned specific days to showcase the technologies developed by each of the departments and their viability for industrial scale up.
PDD DAY
The Project Development & Design (PDD) department had a demonstration session on Tuesday, October 14, 2014 of the various equipment prototypes it has in stock for the food and agro-allied industry. There was a Technical Session to discuss the theme: “Prototype equipment development for the growth of MSMEs for industrialization”. The event attracted engineering practitioners, technologists and fabricators.
The Keynote Speaker was Engr. (Dr.) Samson Makinwa, CEO, Techno-Quip Ltd, who lamented the under-funding of most research institutions and the failure to commercialize many ground-breaking inventions. He stated that there are equipment prototypes that are locally designed and fabricated by both government agencies and private engineering concerns that can be used to engage the Nigerian unemployed population with an amazing outcome. He also identified non-availability of fabrication materials, incessant power outages, lack of patronage and support from government as some of the challenges militating against the local production of equipment prototypes. He therefore advocated that the power sector be revamped immediately for optimum performance if Nigeria is to rank among the top 20 economies of the world by the year 2020. In conclusion, he identified low interest bank loans and support for local fabricators through the provision of incentives and waivers as some of the other means by which fabricators could be assisted.
INVESTMENT DAY
The role of research institutions in the socio-economic development and wellbeing of the nation came to the fore during the Investment Day which was held on Wednesday October 15, 2014. The theme for the day was; Technology & Innovation for Entrepreneurship and MSME Development.
Speakers and discussants were drawn from the academia, organized private sector and research institutions. The lead paper titled: The role of technology and innovation in entrepreneurship development for job creation in the 21st century was presented by Dr. Willie Siyanbola, Associate Professor Centre for Energy Research & Development (CERD), and immediate past Director General/CEO National Centre for Technology Management (NACETEM), Obafemi Awolowo University, (OAU), Ile-Ife, Osun State. Dr. Siyanbola’s paper essentially identified the conditions for economic growth as synergy, transferability of innovation and relevance. He suggested the Triple Helix Approach (THA), whereby government through its agencies and parastatals collaborate and work closely with the academia/research institutions and industry for economic growth and development.
Discussants then took turn to share their opinions on the topic. The session was chaired by the Director General of National Office for Technology Acquisition and Promotion (NOTAP), Dr. Umar Bindir.
The second paper presentation on the topic; Financing innovation and sustainable policies for locally developed technologies to industries in Nigeria was delivered by Mr. Rasheed Olaoluwa, the Managing Director of Bank of Industry. He identified four major avenues for financing new innovations as owner’s equity, friends, family and retained profits. Of the four avenues so identified, he stated that the role played by venture capitalists, Development Finance Institutions (DFIs) and grants are key to the success of MSMEs involved in new innovations and technologies.
Mr. Olaoluwa noted that BoI has been in the forefront of DFIs financing MSMEs by way of equity contribution as well as provision of short term to long term financing. He also noted that policies play a role in setting the parameters by which actors take decision about learning, investment and innovation. He further observed that when it comes to financing innovation and local technologies, there is a noticeable gap in government policies and research. His recommendation was that government needs to formulate policies that will encourage private sector participation in the financing of innovative ideas and this should be targeted at the creation of more venture capitalists to assist existing DFIs. Policies such as low interest loans to venture capitals that support small businesses, financial incentives such as tax waivers, equity guarantees, and loan guarantees to Technology Based Firms were also recommended for consideration in government’s policy direction.
FOOD DAY
In commemoration of the World Food Day on Thursday, October 16th, 2014, the Food Technology Department in collaboration with the Nigerian Institute of Food Science Technology (NIFST) brought together experts and professionals in food and nutrition security to discuss its keynote presentation in an interactive panel discussion. The theme was; Food, Health and Wealth, with special attention on Convenience Foods. Invited dignitaries and guests included Chief Olusegun Osunkeye who chaired the event, Prof. Gbenga Ogunmoyela of Bells University, Prof. Lateef Sanni, President NIFST and a host of others. The keynote Speaker called for the fortification and enrichment of convenience foods in order to meet up with dietary needs and requirements. He also stressed the importance of proper nutrition at all ages, stating that full mental capacity may never be attained where there are deficiencies in dietary requirements. He then called on food processors and manufacturers of convenience foods to consider portability, taste, appropriateness, smell and cost of convenience foods in relation to the consumer and the immediate environment.
On the panel of discussants were Dr. Kenny Acholonu of Bio-organics Nutrients System Limited, Dr. Mani Rabe, Deputy Country Representative of FAO, Mr. Larry Umunna, Country Director, GAIN Nigeria, Dr. Rasaki Sanusi of University of Ibadan, Mr. Duro Kuteyi of Spectra Industries, and Mr. Dayo Adeniyi of Honeywell Flour Mills. They all took turns to share their views on the theme for the day.
CFET DAY
The Chemical Fibre and Environmental Technology Department (CFET) also had its day on the 16th of October, 2014. A Technical Session was held on the theme; National Industrial Revolution Plan: The Role of R & D’. The Speaker was Engr. Oladipo Odunjinrin, a Special Assistant to the Honorable Minister of Industry, Trade & Investment. The occasion was chaired by Mr. Bayo Oshobo who represented Dr. Frank. S. Udemba-Jacobs, President Manufacturers Association of Nigeria (MAN). Engr. Odujirin spoke on the impact of industrialization, which in his view includes the creation of national wealth, increased employment, improvement in the standard of living and promotion of export.
He also explained that the Nigerian Industrial Revolution Plan (NIRP) is a programme designed to industrialize Nigeria. It is the Nation’s first comprehensive, integrated and strategic roadmap to industrialization. The NIRP will create wealth, job opportunities, improve the country’s trade balance, and increase tax revenue. He also mentioned the issue of low funding, low utilization of Intellectual Property Rights (IPR) and low level of commercialization as part of constraints in promoting R & D through industrialization.
A second session on Investment Opportunities in FIIRO’s Non-Food R & D was facilitated by 3 presenters – Ms. Oluwaseun Ishola, Engr. Folake Oyewole and Ms. Adunola Bello. Ms. Ishola spoke on Investment opportunities in Pulp and Paper, while Engr. Oyewole spoke on both Investment opportunities in the chemical & agro-allied sector and in the polymer & textile sector. Ms. Bello concluded with a presentation on the Investment opportunities in Packaging.
BIOTECHNOLOGY DAY
Stakeholders have identified innovation and entrepreneurship as key components for industrialization and wealth creation. This much was revealed during the Biotechnology Day on Friday October 17, 2014. In his key note presentation on the theme; Innovation and Entrepreneurship as Key for Wealth Creation and National Industrialization, Dr. Augustine Okoruwa of GlaxoSmithKline stated that in addition to basic commodities, the demand for high value crops and processed products has increased due to a rapidly expanding global market. The increase in demand for safe, higher value and differentiated agricultural products has created opportunities for farmers and entrepreneurs in agribusiness. He also explained that consumer demand for high quality and safer convenience foods has led to a differential in prices between consumer food products and farm produce. Collectively these changes contribute to a shift in the way food is produced, processed and sold and ultimately this results in increased waste generation and the urgent need for its proper management. The session was chaired by Prof. Lucy Ogbadu, Director General of National Biotechnology Development Agency (NABDA).
CLOSING
The curtains came down on the FIIRO Investment and Technology week on the 17th October, 2014 with a colourful closing ceremony that was witnessed by special guests, beneficiaries of FIIRO technologies, representatives of the organized private sector and members of staff.
Chairperson of the closing ceremony, Mrs. Winifred Oyo-Ita urged participants to buy into FIIRO’s technologies. The DG/CEO in her closing remarks emphasized that the purpose for which the investment and technology week was conceived would be fully achieved if entrepreneurs and would be investors partner with FIIRO to commercialize all its developed technologies.