The Federal Government is in the process of establishing a science and technology development bank, the Minister of Science and Technology, Dr. Ogbonnaya Onu, has said.

Onu said this when he received the National Association of Motor Mechanics and Technicians led by its President, Mr. Suleiman Oseni, who paid him a courtesy call in Abuja on Monday.

The minister said the bank would assist the informal sector to close the technological gap and give financial assistance for research and innovation activities across the country.

He assured the visitors that the Muhammadu Buhari-led administration was committed and determined to fulfil the promise made to Nigerians to harness the abundant human and natural resources in the country to build a better Nigeria by creating jobs and wealth through the application of innovations in the science and technology sector.

Onu said the ministry had commenced the process of establishing the bank with a view to implementing a venture capital component, which would help catalyse the process of technological development in the country.

He called on the association to brace for the challenge of population growth in the country by improving on the quality of time spent by members of the public at workshops and make honesty and reliability their watchwords.

The minister advised leaders of the body to be more involved in the process of innovation and proficiency in the area of improving and maintaining systems in vehicles that they work on, especially during repairs, which would afford them the opportunity to observe areas that might need improvements.

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