Fed govt targets $500m yearly research fund to boost innovation, economy
…FEC approves National Research and Innovation Development Fund …Shettima to chair governing council as FG prepares executive bill The Federal Government has unveiled plans to establish a $500 million annual
...FEC approves National Research and Innovation Development Fund
...Shettima to chair governing council as FG prepares executive bill
The Federal Government has unveiled plans to establish a $500 million annual funding mechanism for research and innovation as part of efforts to reposition the nation’s economy through science, technology and homegrown solutions.
Minister of Education, Dr. Tunji Alausa, disclosed this on Wednesday while briefing journalists at the State House after last week’s Federal Executive Council (FEC) meeting, where approval was granted for the establishment of the National Research and Innovation Development Fund (NRIDF).
Alausa, who addressed the media alongside the Minister of State for Education, Prof. Suwaiba Ahmed, described the initiative as a major milestone capable of unlocking Nigeria’s research potential and accelerating President Bola Tinubu’s ambition of building a $1 trillion economy.
He explained that the proposed fund would provide sustainable financing for research activities, innovation and the commercialisation of discoveries across universities, research institutes and industries.
According to the minister, President Tinubu has directed that the new agency should not depend solely on regular budgetary allocations.
“The President has directed that this agency will not rely solely on regular budgetary allocations. We are looking at top-line funding mechanisms that, by our estimates, could generate about $500 million annually for research and innovation in Nigeria,” Alausa said.
He noted that the initiative was designed to address the long-standing fragmentation within Nigeria’s research ecosystem by fostering stronger collaboration among academia, government institutions and the private sector.
Drawing comparisons with countries such as South Korea and Singapore, the minister said both nations recorded rapid economic transformation after establishing coordinated national research funding systems tied directly to their development priorities.
Alausa said the fund would support competitive research grants, strengthen laboratories and research infrastructure, promote the commercialisation of research findings and build a pipeline of scientific talent across the country.
He added that the initiative would also improve Nigeria’s participation in global research partnerships while strengthening evidence-based policymaking through enhanced science and innovation data systems.
The minister disclosed that the National Research and Innovation Development Fund would operate under the supervision of the Federal Ministry of Science, Innovation and Technology and would be structured to minimise bureaucracy.
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According to him, the governing council of the fund will be chaired by Vice President Kashim Shettima, with members drawn from relevant ministries, academia, research institutions and the private sector.
He further revealed that the Attorney-General of the Federation had been directed to prepare an executive bill for transmission to the National Assembly to provide legal backing for the initiative.
Alausa credited the Special Adviser to the President on Policy Coordination, Hadiza Bala Usman, for collaborating with him over the past two years in developing the framework for the fund.
He said the initiative would also help address concerns repeatedly raised by academic unions over inadequate research funding, while supporting research outcomes capable of tackling critical national development challenges.
“Research and innovation are what drive development in every serious nation. Nigeria cannot continue to depend on fragmented and underfunded research systems if we want to compete globally,” the minister said.
