The Nigerian government has dusclosed plans to establish a $500 million annual funding mechanism for research and innovation as part of efforts to reposition the country’s economy through science, technology and homegrown innovation.
This was revealed by the Minister of Education, Tunji Alausa, while briefing journalists last week after the weekly Federal Executive Council (FEC) meeting where approval was granted for the establishment of the National Research and Innovation Development Fund, NRIDF, to drive the nation’s innovation.
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.
According to him, the proposed fund would provide sustained financing for research activities, innovation and commercialisation of discoveries across universities, research institutes and industries.
“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 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.
The minister added that countries such as South Korea and Singapore achieved rapid development after establishing coordinated national research funding systems aligned with economic priorities.
