- Oando, FBNH, Zenith drive NGX higher by N60trn
The Nigerian Content Development and Monitoring Board says its $50 million Research and Development Fund is providing research funds in the oil and gas research and development space.
The Executive Secretary, NCDMB, Felix Ogbe, made this known on Wednesday in Abuja at the SciBiz 2024 annual conference, organised by the Triple Helix Nigeria.
Triple Helix hosted the conference, following its successful inauguration in 2021.
This is in fulfillment of the requirements for galvanising members in intellectual discourse to promote research commercialisation and innovation culture in Nigeria and Africa.
Ogbe, represented by Silas Ajimijaye, General Manager, Research and Development of the NCDMB said pivotal to any meaningful sustainable initiative was funding, and within this context, the much-needed fund was created in 2020.
The Executive Secretary underscored the need to harness expertise, leading technologies and best practices of international experts and institutions to strengthen research and innovation potential.
He described partnerships as a strategic way to enhance local efforts to make Nigeria an important player in global innovation.
“Strategically, the Triple Helix model of Academia, Industry, and Government collaboration is an appropriate international business framework for expressing ideas about how research could be turned into new products and services.
“One avenue through which NCDMB exercises this mandate is by applying local content development to enhance research and commercialisation of innovative solutions for Nigeria’s oil industry,” he said.
He said that it would onboard more impactful research projects in the upcoming months in addition to the fourteen applied research projects that it presently sponsored at various stages of technological readiness.
He, however, urged the participants to explore more collaborative opportunities to develop strategies to drive progress.
The President, Triple Helix Nigeria, Abdulmalik Halilu, said that transition from education through research to commercialisation heralded an evolving frontier where academia, industry and government could collaborate under the Triple Helix model.
He said that the model would ensure that research transcended the boundaries of laboratories and classrooms to solving real-world problems and fostering economic prosperity.
He cited the World Intellectual Property Organization, which said that Nigeria’s annual patent application has risen from below hundred in 2016 to more than 400 in 2023.
According to him, this significant growth, suggests that with the right policy environment, Nigeria has the potential to transform universities to solution-based entrepreneur centers of excellence.
He said that the Triple Helix Chapter was established in Nigeria in 2021 by some professionals with common interests of economic development through research and innovation.
He said that it was in response to identified challenges and opportunities in a knowledge based economy.
“The association has a global network of six regions including: North America; Latin America; Europe; North Asia; South Asia and Africa.
“We set an ambitious Vision 10-10-10-10 to demonstrate our commitment to bequeath entrepreneurial university systems in Nigeria.
“Through this vision, Triple Helix Nigeria seeks to inspire at least 10 knowledge institutions, to accelerate innovation and have at least 10 per cent equity in 10 listed companies in the next 10 years.
“This model has worked in many of the regions where the Triple helix Association has a strong presence and we have no doubt that it can happen in Nigeria and Africa,” he said.
He expressed hope that the conference would foster structured partnerships between industry and the research community to attract research based funding in the direction of Africa based researchers.
Buy-interest in Oando, FBNH, Zenith boost performance, drive NGX market cap near N60trn
The Nigerian stock market on Wednesday closed on a bullish note as investors reinforced buying interest in the shares of OANDO Plc, FBN HOLDING Plc and ZENITHBANK Plc recording 10.00 percent, 6.5 percent and 4.7 percent gains in their share price respectively.
Due to their positive impact on the day’s trading session, the NGX benchmark index, the NGX All-Share Index increased by 5 basis points or 0.05 percent to close at 98,944.42 points.
This gain boosted market capitalization which equally rose by 0.05 percent to ₦59.96 trillion, adding ₦31.4 billion to investors’ portfolios and pushing the year-to-date (YTD) return to 32.33%.
Analysis of sectoral performance shows positivity, as the banking, consumer goods, and industrial goods sectors posted gains of 2.41 percent, 0.31 percent, and 0.05 percent, respectively, while the insurance sector declined by 0.42 percent, and the oil/gas sector remained flat.
By the close of the session, 31 stocks advanced, outnumbering the 16 decliners. Notable gainers included EUNISELL, OANDO, and UNILEVER all appreciated by 10.00 percent, while MCNICHOLS and REGALINS increased their share price by 9.79 percent, and 9.62 percent respectively.
On the other hand, notable losers were ARADEL down by 9.99, NNFM, 9.93 percent, CONHALLPLC, 6.12 percent, UPDC 5.81 percent, and ELLAHLAKES, 4.31 percent.
Trading activity was subdued, with volume and value dropping by 51.99 percent and 66.63 percent, respectively. However, the number of deals surged by 14.01 percent, as 283.74 million units were traded across 7,966 deals, valued at ₦8.29 billion. UBA led the volume with 66 million units worth ₦1.8 billion across 860 deals.
