LAGOS — The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabote on Monday revealed that Nigeria’s challenges in research and development had resulted in huge capital flight in the nation as major oil companies executed their research activities in their own countries.
Wabote disclosed this during his opening address at the ongoing Nigeria Oil and Gas Industry Research and Development Fair and Conference 2017 organised by the Nigerian Content Development and Monitoring Board (NCDMB) in Lagos.
The NCDMB boss observed that infrastructure gap and inadequate funding had further challenged efforts to boost research activities.
He, however, stated that with the new policy direction and the recently launched 200 million dollars intervention fund by the board, the Bank of Industry (BoI) would support research effort and boost indigenous company capacities.
He further reveled that the Board had directed BoI to boost the fund to one billion dollars in the next three years.