Wabote cited examples of leading Fortune 500 companies that commit between 5- 10% of their annual budgets to R&D, which enables them to produce innovative products and make significant tax returns to the Government and create huge employment opportunities.Speaking further, the NCDMB boss expressed hope that the workshop will change the gross underfunding of research in Nigeria, which is currently estimated at less than 0.2% of the national budget.
He remarked that, “that access to the Nigerian Content Intervention Fund by the local supply chain has been one of the major contributors to the growth in local content level from less than five per cent in 2010 to 54 per cent in 2022.”
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