Articles

R&D and the Challenge of Wealth Creation in Nigeria

W. O. Siyanbola, O. O. Isola, A. A. Egbetokun, C. M. Adelowo

Abstract

In today’s increasingly knowledge-driven world, science and technology (S&T) are the inseparable twin keys to progress and industrial growth as against the resource endowment of the past. Apparently, without scientific knowledge and its application the economy of a nation or an organisation either remains stagnant or declines. Consequently, most countries of the world now devote an increasing proportion of their resources to S&T and associated research and development (R&D), in an attempt to build competitive advantage or to catch up with others who have already done so. This paper assesses the Nigerian situation in this regard. Drawing from recent research and first-hand observations, the paper discusses the relationship between R&D and wealth creation in Nigeria; and offers a recipe to enhance the relationship and overcome identified R&D challenges.

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