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Technology and Innovation Report 2015

Fostering Innovation Policies for Industrial Development

image of Technology and Innovation Report 2015
This report focuses on how innovation policies can expressly promote industrial development, and what lessons can be learnt from existing experiences of countries, both developing and developed. It argues that while technology and innovation are an essential component of how industries use knowledge to apply to learning, their role in fostering economic development can only be harnessed if innovation policies are clearly and coherently linked to overall industrial development goals of countries. Basing its analysis on data as well as experiences of countries, the report argues for closer coordination between innovation policies and industrial goals in order to promote technology and innovation for overall economic development.

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Coordinating innovation and industrial policy: Nigeria's experience

Nigeria is currently home to about a quarter of the population of sub-Saharan Africa and faces developmental challenges in ensuring that GDP growth translates into prosperity for all. Rising growth rates reflect the dynamism of the local economy, which is being increasingly acknowledged for its relatively open investment climate and improving infrastructure, both physical and institutional. In 2014, Nigeria conducted an exercise to rebase its GDP that resulted in the country being proclaimed the largest economy in Africa, surpassing South Africa by a wide margin. Despite these new optimistic figures, Nigeria aspires to have a mature economy with a diversified industrial base, and to reduce reliance oil-based exports, which currently account for over 90 per cent of its export earnings.

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