How could the NIFST's calls for investment and tax incentives affect the Federal Ministry of Industry, Trade and Investment?
The Ministry may face pressure to streamline regulations and offer tax incentives for food innovation. To address this, NIFST called for specific policy interventions, including tax incentives for research and development, stronger intellectual property protection, and streamlined regulatory approvals for new food products. As the Federal Ministry of Industry, Trade and Investment oversees national industrial policy and investment attraction, these calls place policy pressure on the Ministry to facilitate the translation of food research into viable commercial enterprises.
- Effect
- Mild negative
- How direct
- Stated in the reporting
- When
- Within weeks
- The story
- No new developments lately
How it reaches Federal Ministry of Industry, Trade and Investment
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The Nigerian Institute of Food Science and Technology discussed food security challenges in Nigeria at its 50th conference in Lagos. Institute President Dr Bola Osinowo and National Agency for Food and Drug Administration and Control Director-General Prof. Mojisola Adeyeye called for increased investment in research commercialization and tax incentives. The Institute identified inadequate financing, regulatory bottlenecks, and weak links between researchers and industry as constraints limiting the commercialization of food innovations.
The full event1independent outlet -
NIFST urged the government to streamline regulatory approvals for new food products, encourage public-private partnerships, and introduce tax incentives for research and development and export-orientated food processing.
1 report connects these two. Brind only summarizes; follow a link to read the reporting itself.
- punchng.com Tuesday
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Nigerian government agency
Everything about Federal Ministry of Industry, Trade and Investment
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The facts so far
As reported. Each one links to where it comes from.
- Between 40 and 50 per cent of agricultural produce is wasted because of poor storage conditions.punchng.com
- NIFST has established 10 faculties and developed 32 training programmes for its annual calendar.punchng.com
- The NIFST Academy has engaged more than 55 resource persons and conducted more than four in-factory training programmes.punchng.com
- NIFST President Dr Bola Osinowo called for tax incentives for research and development.punchng.com
Why it matters
The ability of Nigeria to translate its scientific research into commercial products is critical for economic development and food security. The failure to do so means that brilliant research remains locked in journals, failing to create jobs or feed additional Nigerian families, representing a significant missed economic opportunity.
This discussion occurs within a broader context where NAFDAC highlighted that 40 to 50 per cent of agricultural produce is wasted due to poor storage. The calls from NIFST align with the need for stronger public-private collaboration and regulatory frameworks to ensure that food innovations are safe, nutritious, and accessible to the public.
What we don't know yet
- Will the Federal Ministry of Industry, Trade and Investment respond to the call for tax incentives?
- What specific regulatory changes will be implemented to streamline approvals for new food products?
What would change this answer
— Other considerations
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Reporting
- punchng.comTuesday
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