The Federal Institute for Industrial Research, Oshodi (FIIRO) said the institute if given the necessary funding will create about five million jobs over a period of three years as it has developed technologies relevant for processing of raw materials of relative advantage in all the 774 local government areas of the country.
Speaking while briefing the senate committee members on science and technology who were at the institute on oversight visit, the Director General of FIIRO, Dr Grace Elemo said FIIRO has also developed capacities to establish annually 3,870 Small, Medium Enterprises (SME's) in those local government areas at the rate of five SME's per LGA.
Elemo said within the period FIIRO would also be in a position to create 11,610 SME's in Nigeria economy. She however, lamented inadequate budgetary allocation and untimely release of funds to the agency to pursue its research activities.
She said FIIRO needs special intervention fund and support for commercialisation of over 250 researched works which had been developed since inception.
She stressed the need to form a strong advocacy group for science and technology in Nigeria to create national awareness on its importance adding that no meaningful development could be achieved without it.
"This is the reason why science and technology should be given more priority in the national budget. It is gladdening that the transformation agenda policy document places much emphasis on science and technology as a major instrument for the achievement of its objectives", the D-G remarked.
She therefore appealed to the committee to make case for improved budgetary allocation and funding for the Institute's research and development activities and commercialisation of technologies developed at the Institute.
In his response, chairman senate committee on science and technology, Senator Robert Ajayi Borofice assured that his committee would help promote activities of the agency to attract both local and foreign investors.