Economic and Financial Review


Central Bank of Nigeria


Innovation, Developing Countries, Economic Development


The paper aims at providing a solid conceptual framework for the promotion of innovation in developing countries from which appropriate policies can be developed. The author opines that the growing interest in innovation promotion particularly technological innovation in developing countries stems from limitations experienced through traditional economic policies encapsulated in neo-liberalization. In the author's concluding remark, he posits that innovation in a broad sense is something new to a given context and the notion thus becomes generally acceptable to the peculiarities of developing economies from the most basic welfare improvements to the building of vibrant competitive industries. Consequently, the adoption, adaptation and creation of innovation should be engendered in the strengths of technological and institutional capabilities. Furthermore, the facilitation of international research cooperation and reducing the brain drain processes in developing countries would help to surfeit innovation opportunities.

Author Bio

O. Adesanya is an Assistant Economist in the External Sector Division, Research and Statistics Department, CBN, Abuja.

Publication Title

CBN Economic and Financial Review





Recommended Citation

Adesanya, O. (2007). Promoting Innovation in Developing Countries: A Conceptual Framework - A Review. CBN Economic and Financial Review, 45(1), 85-88.

Included in

Economics Commons



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