Mass are currently ongoing nationwide and many protesters continue to march in major cities and towns. The tempo keeps increasing due to the demand for good governance, cuts in prices of food prices and fuel, and so on. The headline inflation rate as of June 2024 stands at 34.29 per cent, according to the National Bureau of Statistics, which is a 28-year high. The naira, too, has depreciated to around 80 per cent against the dollar since mid-2023. The agitation of the populace is largely driven by this inflationary pressure and the naira devaluation, which continues to make more people poorer by the day. Similarly, this protest may force businesses, commercial centres, banks, markets, academic institutions, and offices to reduce or close operations in the meantime for fears of the demonstrations degenerating into chaos.
Therefore, many businesses, private and public, have already suffered disruptions in operations and service delivery, which in turn have affected profitability. This is increasingly of concern because there is a place for creativity in academic research in all of these, yet this inconsideration is costing us all. Most successful countries and businesses of the modern day strive to continually comprehend the process of integrating research, insights, and data to formulate strategies and make decisions for citizens and customers. And there is seamless integration of the academic research outputs into the economy.
But this is not the case; research works, and academic articles are not well defined to help socio-economic issues in the country. All the agitations of the protesters are genuine, but the reality is that with accountability, genuine intentions, and deep research commitment conducted internally and externally, it can help dig up many recommendations, life modules, and solutions that can help the country and many failing businesses. But currently, academic research is underfunded and is increasingly a concern for the future of the nation. Creative academic research can enable enterprises and the country to better comprehend these issues, thereby facilitating improved efforts, well-being, quality of life, and increased revenue generation for businesses.
How many states and businesses within the country conduct creative research? If well harnessed, businesses can use new technologies and insights to produce future products and services through creative research activities. We need to improve the level of effort and commitment in the country to deliver benefits to society through research. A lack of research has serious consequences on the economy because research should be a continuous process for any organisation or country that intends to stay ahead of the curve in a world that is constantly evolving. In a business world where artificial intelligence, technological adoption, and globalisation are taking over, it is important to build a culture of creative research orientation for businesses that improve the quality of life for the people.
Businesses, policymakers, and government establishments need to be sensitised to the advantages of conducting research. Universities should also focus on solving real-world problems. Therefore, governments need to fund research to support national priorities and tackle societal challenges. Research can promote innovation by facilitating the development, dissemination, and implementation of new ideas, products, services, and processes that satisfy the requirements and desires of society and consumers. This was evident during the COVID-19 pandemic, as research rapidly delivered new vaccines and treatments. Additionally, research fuels innovation and knowledge creation and can contribute to the resolution of many issues that the country is currently facing.
In conclusion, it is important to invest in research and development and support research infrastructure to enhance economic development. That way, the nation can unlock and harness its economic potential, build a more prosperous future, and secure an enviable position in the global space.
