Fed Govt Targets $500m Annual Research Fund To Drive Innovation, Economic Growth

The Minister of Education, Dr. Tunji Alausa, disclosed this during a briefing at the State House, noting that the fund is designed to provide sustainable financing for research activities, innovation, and the commercialisation of discoveries across universities, research institutes, and industry sectors. He explained that President Bola Tinubu has directed that the initiative should not rely solely on traditional budgetary allocations, but instead explore top-tier funding mechanisms capable of generating about $500 million annually.

Alausa further stated that the programme is expected to address long-standing fragmentation within Nigeria’s research ecosystem by improving collaboration between academia, government institutions, and the private sector, while drawing lessons from countries such as South Korea and Singapore that achieved rapid economic transformation through coordinated research systems.

The Minister added that the fund would support competitive grants, strengthen laboratories, enhance research infrastructure, and promote the commercialisation of scientific findings, while also improving Nigeria’s participation in global research partnerships. It is also expected to reinforce evidence-based policymaking and expand scientific talent development nationwide.

He confirmed that the proposed NRIDF will operate under the supervision of the Federal Ministry of Science, Innovation and Technology with a lean administrative structure to reduce bureaucracy. The governing council of the fund will be chaired by Vice President Kashim Shettima, with representation from relevant ministries, academia, research institutions, and the private sector.

Alausa also revealed that the Attorney-General of the Federation has been directed to prepare an executive bill for submission to the National Assembly to provide full legal backing for the initiative. He credited the Special Adviser to the President on Policy Coordination, Hadiza Bala Usman, for her role in developing the framework over the past two years, adding that the programme is expected to address funding gaps in Nigeria’s research sector and strengthen solutions to critical national challenges.