The Federal Government on Wednesday announced plans to establish a $500 million annual funding mechanism to boost research and innovation, in a move aimed at reshaping Nigeria’s economy through science, technology, and locally developed solutions.
Minister of Education, Tunji Alausa, disclosed this while briefing journalists at the State House in Abuja on outcomes of last week’s Federal Executive Council (FEC) meeting, where approval was granted for the creation of the National Research and Innovation Development Fund (NRIDF).
Alausa, who spoke alongside the Minister of State for Education, Suwaiba Ahmed, described the initiative as a key step toward unlocking Nigeria’s research capacity and supporting President Bola Tinubu’s ambition of building a $1 trillion economy.
He said the fund would provide competitive research grants, improve laboratory facilities and research infrastructure, encourage the commercialisation of scientific discoveries, and strengthen the development of skilled researchers across the country.
According to him, the NRIDF will be supervised by the Federal Ministry of Science, Innovation and Technology and designed to operate with minimal bureaucratic bottlenecks in order to ensure efficiency and impact.
He added that the governing council of the fund will be chaired by Vice President Kashim Shettima, with membership drawn from relevant ministries, the academic sector, research institutions, and private industry stakeholders.
Alausa also disclosed that the Attorney-General of the Federation and Minister of Justice has been directed to draft an executive bill for submission to the National Assembly to provide legal backing for the initiative.
He commended the Special Adviser to the President on Policy Coordination, Hadiza Bala Usman, for her collaboration in developing the framework for the fund over the past two years.
The minister said the initiative is also expected to address long-standing concerns raised by academic unions over inadequate research funding, while promoting solutions to pressing national development challenges through locally driven innovation.
