FG Plans $500m Annual Research Fund to Boost Economy, Innovation

.Okays national research, innovation development fund

Deji Elumoye in Abuja

The Federal Government on Wednesday expressed its readiness to establish a $500 million annual funding mechanism for research and innovation.
This, it said, formed part of efforts aimed at repositioning the nation’s economy through science, technology and homegrown solutions.
Education Minister, Dr. Tunji Alausa, who made tis known while addressing newsmen at the State House, Abuja on resolutions reached during 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 spoke in the company of 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.
According to him, the proposed fund would provide sustainable financing for research activities, innovation and the commercialisation of discoveries across universities, research institutes and industries.
He stated that President Tinubu has directed that the new agency should not depend solely on regular budgetary allocations.
His words: “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 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.
Comparing such initiative with what is obtainable in other countries like 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.
The fund, according to Alausa, is expected to 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 added 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.
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 and Minister of Justice had been directed to prepare an executive bill for transmission to the National Assembly to provide legal backing for the initiative.
Alausa lauded 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,” Alausa further stated.