The Federal Government has unveiled plans to establish a $500 million annual funding mechanism for research and innovation as part of efforts to reposition Nigeria's economy through science, technology, and homegrown innovation.
Minister Announces Fund Details
Minister of Education, Dr. Tunji Alausa, disclosed this while briefing journalists on Wednesday, 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 was joined by the Minister of State for Education, Professor Suwaiba Ahmed, described the initiative as a game changer that would unlock the country's research potential and support President Bola Tinubu's vision of transforming Nigeria into a $1 trillion economy.
Funding Sources and Collaboration
According to him, the proposed fund would provide sustained financing for research activities, innovation, and commercialization of discoveries across universities, research institutes, and industries.
The President has directed that this agency will not rely solely on regular budgetary allocations, Alausa said. We are looking at top-line funding mechanisms that, by our estimates, could generate about $500 million annually for research and innovation in Nigeria.
He explained that the fund would address long-standing fragmentation in Nigeria's research ecosystem by promoting collaboration among academia, government institutions, and the private sector.
Global Examples and Structure
The minister said countries such as South Korea and Singapore achieved rapid development after establishing coordinated national research funding systems aligned with economic priorities.
According to him, the new fund will support competitive research grants, strengthen laboratories and research infrastructure, promote commercialization of research findings, and build a pipeline of scientific talent. He added that the initiative would also enhance Nigeria's participation in global research partnerships and improve evidence-based policymaking through better science and innovation data systems.
Alausa 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 avoid excessive bureaucracy.
Governance and Legal Framework
The governing council of the fund, he said, would be chaired by Vice President Kashim Shettima, with membership drawn from key ministries, academia, research institutions, and the private sector.
He further revealed that the Attorney-General of the Federation has been directed to prepare an executive bill for transmission to the National Assembly to provide legal backing for the initiative.
The minister credited the Special Adviser to the President on Policy Coordination, Hadiza Bala Usman, for working with him over the past two years to develop the framework for the fund.
He noted that the initiative would also help address demands by academic unions for improved research funding and support research outcomes that directly address national development challenges.
Research and innovation are what drive development in every serious nation, he said. Nigeria cannot continue to depend on fragmented and underfunded research systems if we want to compete globally.
