A science, technology and innovation researcher, Dr Philip Osim, has called for targeted fiscal incentives to attract private-sector investment in Nigeria’s emerging bioeconomy.
Osim, also a policy analyst, made the call in an interview with reporters 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.
The Food and Agriculture Organization defines the bioeconomy as the production, use, conservation and regeneration of biological resources across all economic sectors.
Osim said the sector could create jobs and reduce the country’s dependence on imports.
According to him, tax holidays, import-duty waivers on laboratory equipment and accelerated capital allowances would encourage firms to invest in biotechnology ventures.
“Start-ups importing reagents and equipment pay heavy duties before they earn a naira. Such costs discourage serious investors and push promising ideas abroad,” he said.
Osim 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, adding that when the government shares the first-loss risk, banks and venture funds become more willing to participate.
Osim said policy consistency and clear regulations, 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 links between universities and industry, noting that research findings from 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, strengthen agricultural value chains and position Nigeria as a regional leader in biotechnology.
