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, 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, 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.
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.
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.
Deji Elumoye
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