Business
A Science, Technology and Innovation (STI) researcher, Dr Philip Osim, has called for targeted fiscal incentives to attract private sector investment into Nigeria’s emerging bioeconomy.
Osim, also a policy analyst, made the call in an interview with the News Agency of Nigeria (NAN) in Abuja on Monday.
“The bioeconomy will not grow on government funding alone.
“Private capital must come in, and capital goes where risks are reduced and returns are predictable” he said.
Bioeconomy is the production, utilization, conservation, and regeneration of biological resources within and across all economic sectors, says Food and Agriculture Organisation (FAO).
Osim could create jobs and cut import dependence.
According to him, tax holidays, import duty waivers on laboratory equipment and accelerated capital allowances would encourage firms to commit funds to biotechnology ventures.
He said that a start-up importing reagents and equipment pays heavy duties before he earns a naira Osim said.
“Such costs discourage serious investors and push promising ideas abroad,” he said.
The researcher also urged the government to establish co-investment and credit-guarantee schemes to share early-stage risks with private investors in agro-processing, biofuels and biomanufacturing.
He said public funds should act as a catalyst, that when government shares the first-loss risk, banks and venture funds become more willing to participate.
Osim further said that policy consistency and clear regulation, particularly on biosafety and intellectual property, were as important as financial incentives in building investor confidence.
“Investors hate uncertainty. If rules change every few years, no one will commit to a 10-year bioprocessing plant,” he said.
He also advocated stronger university-industry linkages, noting that research findings in Nigerian institutions rarely translate into commercial products.
“We have the scientists and the biodiversity. What is missing is the pipeline that moves innovation from the laboratory to the market,” he said.
Osim expressed optimism that, with the right incentives, the sector could attract significant investment, boost agricultural value chains and position Nigeria as a regional leader in biotechnology.(NAN)
A.I
Nov. 9, 2026
Tags: Dr Philip Osim