By By Elizabeth Ugbo
The Federal Government has approved the National Research and Innovation Development Fund (NRIDF) to strengthen Nigeria’s knowledge economy. The approval came during the Federal Executive Council meeting in Abuja on Sunday. Minister of Education, Dr. Maruf Tunji Alausa, announced the initiative. The government will invest up to $500 million annually in research and innovation. The fund aims to support universities, research institutes, industries, and government agencies through coordinated scientific development.
FG Targets Global Competitiveness Through Research
Dr. Alausa described the NRIDF as a major step toward transforming Nigeria into an innovation-driven economy. He explained that the initiative will tackle fragmentation within the country’s research ecosystem.
According to the minister, the fund will create stronger collaboration between universities, industries, research institutions, and government agencies. As a result, Nigeria can align scientific research with national development goals.
$500 Million Fund to Support Innovation and Human Capital
The Federal Government plans to provide up to $500 million yearly for the initiative. Consequently, the NRIDF ranks among Nigeria’s biggest investments in science and technology.
The fund will support:
- Competitive research grants
- Innovation infrastructure development
- Commercialisation of research findings
- Human capital development in science and technology
Furthermore, the initiative aims to encourage practical research that can solve national challenges and create jobs.
Vice President to Chair National Research Council
The NRIDF will operate under the supervision of the Federal Ministry of Innovation, Science and Technology. In addition, a 17-member National Council on Research and Innovation will oversee the fund.
The Vice President will chair the council, ensuring high-level coordination and accountability.
FG Reaffirms Commitment to Economic Diversification
The Federal Government reiterated its commitment to innovation-led growth and economic diversification. Officials believe sustained investment in research and development will boost productivity, strengthen industries, and create employment opportunities across Nigeria.
The administration also expects the initiative to position Nigeria as a leading knowledge-based economy in Africa.
