Shu’aibu Shehu, the executive secretary of the Petroleum Technology Development Fund, says the agency is committed to, and will continue to lead, Africa’s quest to move from academic theory and research to innovation.
Mr Shehu said this on Monday during the opening of a three-day African Innovation and Investment Summit by the African University of Science and Technology in Abuja.
Mr Shehu said the focus on industrial realities signalled a new era for investment in Africa’s energy sector.
He said that the PTDF was currently working to turn scientific breakthroughs into commercial ventures, thereby creating a fertile ground for private investors to thrive.
Albert Harvey, president of the African Experts for Innovations and Sustainable Development, Sierra Leone, said that a functional ecosystem was key to sustaining investments in science and technology.
Mr Harvey said that Africa’s failure to scale a reliable ecosystem was not due to a lack of talent but to uncoordinated efforts and poor policy implementation.
He said that for investors to thrive, Africa must move beyond discussions to establishing policies and funding mechanisms that truly understand the continent’s needs and dynamics.
Mr Harvey advocated an import-substitution policy to further protect the interests of local investors and startups.
(NAN)
