President Bola Tinubu’s administration plans to launch a $500 million annual fund for research and innovation, aiming to revitalize the economy through science, technology, and homegrown discoveries.
The fund in subsequent years is expected to increase to about $1billion.
Minister of Education Tunji Alausa announced the initiative Wednesday as a fall out of last week’s meeting of the Federal Executive Council (FEC), which approved the establishment of the National Research and Innovation Development Fund (NRIDF).
Minister Alausa who was joined by the Minister of State for Education Professor Suwaiba Ahmed, while briefing State House Correspondents, called it a “game changer” to unlock Nigeria’s research potential and advance President Tinubu’s goal of a $1 trillion economy.
The fund promises steady financing for University research, institute projects, and industry commercialization.
“The President directed that this agency won’t rely solely on regular budgets,” Minister Alausa told State House Correspondent’s at a briefing at the Presidential Villa, Abuja.
“We’re pursuing top-line funding mechanisms to generate about $500 million annually.”
It targets fragmentation in Nigeria’s research landscape by fostering ties among academia, government, and private sectors.
Minister Alausa pointed to South Korea and Singapore, which surged ahead with coordinated funding tied to economic needs.
Priorities include competitive grants, lab upgrades, research commercialization, talent pipelines, global partnerships, and data-driven policymaking.
The Education Minister said the fund falls under the Ministry of Science, Innovation, and Technology, with minimal bureaucracy.
Vice President Kashim Shettima will chair its council, drawing members from Ministries, the academia, research bodies, and business.
The Attorney General has orders to draft an Executive bill for National Assembly approval.
Minister Alausa credited presidential adviser Hadiza Bala Usman for two years of framework development.
NewsQuest reports that the move responds to academic unions’ calls for better funding and tackles national challenges head-on.
“Research and innovation drive development in every serious nation,” Alausa said.
“Nigeria can’t compete globally with fragmented, underfunded systems,” the Minister added .
