2024 Biotech Conference: Stakeholders Forecast Economic Growth Through Biotechnology

The International Conference on Biotechnology 2024 (ICoB24) has commenced in Abuja, Nigeria’s capital, with stakeholders in the biotechnology sector projecting economic growth for the country through proper application.

The event, which assembled researchers, regulators, policymakers, and farmers for the maiden edition, serves as a premier platform to exchange knowledge, explore emerging trends, and foster partnerships among researchers, professionals, industry experts, and policymakers.

The conference highlighted biotechnology globally and focused on its potential applications and benefits to the continent, connecting African scientists, entrepreneurs, policymakers, and other stakeholders with international expertise while identifying opportunities and challenges for biotechnology and biosafety.

In his welcome message, the Director General of the National Biotechnology Research and Development Agency, Professor Abdullahi Mustapha, said the application of biotechnology in agriculture, healthcare, the environment, and the industrial sector is a tool for economic growth.

He noted that harnessing the full potential of biotechnology requires a concerted effort from all stakeholders and investment in research.

“Realizing the full potential of biotechnology requires a concerted effort from all stakeholders. We must invest in research and development, strengthen our educational institutions, and create an enabling environment for innovation and entrepreneurship. Public-private partnerships, international collaborations, and supportive policies are essential to drive this agenda forward,” he said.

On agriculture, Professor Mustapha said the application of biotech in agriculture would help address challenges of low yield, pest resistance, and issues of nutritional value addition.

“Our agricultural sector stands to benefit immensely from biotechnological advancements. With a significant portion of our population reliant on agriculture for their livelihoods, the adoption of genetically modified crops, improved pest resistance, and enhanced nutritional content can lead to increased yields, reduced losses, and improved food security. By embracing these innovations, we can transform Nigeria into a breadbasket for the continent and beyond, reducing our reliance on food imports and boosting our export potential,” he stated.

Also Read: Nigeria to host International Conference on Biotechnology

BIOTECH BOOSTS GDP

Delivering his message, the Minister of Innovation, Science, and Technology, Mr. Uche Nnaji, said the theme for the conference is timely and aligns with the renewed hope agenda of President Bola Tinubu.

He noted that biotechnology has the potential to boost Nigeria’s Gross Domestic Product.

“The theme of this conference, ‘Biotechnology as an Engine for Economic Growth,’ is both apt and timely. It aligns perfectly with the Renewed Hope Agenda and the development agenda of President Bola Tinubu and strategically advances the mission of our ministry, which is to facilitate the development and deployment of science and technology to enhance the pace of socio-economic development through appropriate technological inputs into productive activities in the nation,” he said.

According to him, “Economic growth involves the increase in the production and consumption of goods and services within an economy over a specified period. This theme is ambitious, premised on the optimistic notion that biotechnology can significantly expand the output of our national economy. I share this optimism. Biotechnology has the potential to boost our Gross Domestic Product (GDP) by increasing the total value of all goods and services produced in Nigeria.”

THE NEED TO INVEST IN BIOTECH

In his keynote address, the former governor of Cross River State, Mr. Clement Ebri, called on African countries to invest in science, technology, and innovation by subsidizing innovation.

“Distinguished ladies and gentlemen, for Africa to advance economically, we need to recalibrate the politics of funding science, technology, and innovation. Our current budgetary provisions do not sufficiently support transforming scientific advances into societal benefits compared to what obtains in industrialized countries. Subsidizing consumption is a growth retardant. However, subsidizing innovation is a catalyst for economic growth,” he said.

“Governments of African nations should provide meaningful financial assistance to reduce the high cost of innovation activities. They should provide subsidies aimed at making new technologies more competitive in the market. Following the above, let me propose that in the short term, commercial viability or immediate societal benefits should be a criterion for funding science-based projects. The downside of this proposal is that it might overshadow essential research that may lead to breakthroughs in the future’’

He added that organizing the ICoB24 shows that there’s commitment to making biotechnology relevant to the daily experience of people.