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R&D Backbone of Economic Development and Prosperity – Engr. Wabote

……….by James Ikenna…….
Executive Secretary of Nigeria Content Development Monitoring Board (NCDMB) Engr. Simbi Wabote has said that there is a relationship between Research and Development (R&D) and economic development and prosperity as it is also the Backbone of any nation development.

According to him R&D was pivotal to the growth and development of many nations and the evolution of mankind.

He said from time immemorial to the current age of global connectivity, R&D always played a crucial role in opening up new chapters of modern life.

“The industrial revolutions triggered by Research and Development have always serve as a means of wealth transfer. According to Statistica, as of the second quarter of 2021, around 67 percent of Apple’s revenue was generated outside of the United States. Apple’s total net sales amounted to around 90 billion U.S dollars in that quarter.

“It is time to start to nurture the growth of our home-grown technology rather just being a wholesome consumer of other people’s innovation” he said.

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