BoI urges manufacturers to embrace technology to steer growth

The Bank of Industry (BoI) has urged manufacturers and players in all sectors of the Nigerian economy to embrace science and technology to drive the development of their firms and that of the country.

The development bank says only positive attitude to science and technology will ensure the country achieves inclusive growth and close the gap between it and the West.

Rasheed Olaoluwa, CEO, BoI, gave this recommendation while receiving the leadership of the Nigerian Academy of Engineering led by R.A Salawu, its president, at the bank’s corporate head office in Lagos.

According to Olaoluwa, the bank is passionate about technology because it believes there is a correlation between the level of technology in a society and its development.

The level of technology in the country is still low as universities and research institutes are still too far from where they should be, he said, while urging them to move with the times; “we have to think of how we can close the gap with the West.

“A lot are happening in semi-conductors, electrical/electronic engineering, silicon, DNA, artificial intelligence and other areas. The rest of the world is moving rapidly. Even the light we have these days can consume little energy and the efficient is superb.

“As a nation, we need to re-think our strategy because no country will willingly give you their technology, but you need to build your own engineering.”

The only short-cut left for Nigeria is reverse engineering, where technical experts or manufacturers can take what has been done before, dissemble them and learn how they were done, Olaoluwa said.

The bank is working with research institutes such as Federal Institute of Industrial Research Oshodi and the Projects Development Institute, Enugu, to bring innovation into industries, according to him.

On his part, R.A Salawu said for the country to industrialise, there must be an interaction between the man from industry and the man from university, saying that researches many institutes had produced for industries were not end-use.

Segun Adedeji, one of the leaders in the delegation, said the country will perish without production, saying that there was need for an all-round assistance of manufacturers to drive industrialisation and develop the economy.

Christopher Okoro, member, Nigerian Academy of Engineering and retired professor of electrical power and machines, said he was keen on reducing substandard products and in popularising the solar energy.

ODINAKA ANUDU