The Global Innovation Index 2016 was released in August. Co-published by WIPO, the Index provides an annual ranking of the innovation capabilities and performance of 128 countries and economies.
Nigeria ranked number 114, climbing 14 places from the 2015 results.
We see a positive outcome for Nigeria (and the rest of the African countries), as increasing levels of R&D boost the country’s economy. For investors, this highlights the importance of technology and science in an economy. It also links directly to what supports long term economic growth.
Lagos Minister of Science and Technology, Mr Ogbonnaya Onu said “I want to say this that no nation has been great without science and technology. Nigeria is the largest country in Africa with the largest number of black people and we have over the years not paid sufficient attention to science and technology.”