The Federal Government has approved the establishment of the National Research and Innovation Development Fund (NRIDF) as part of efforts to transform Nigeria into a globally competitive, innovation-driven economy.
The approval was announced by the Minister of Education, Maruf Tunji Alausa, after the Federal Executive Council meeting held in Abuja.
According to a statement issued on Wednesday by the Director of Press and Public Relations at the Federal Ministry of Education, Boriowo Folasade, the initiative is aimed at strengthening investment in research, science and technology across the country.
Alausa described the fund as a “game changer,” noting that it would address fragmentation within Nigeria’s research ecosystem by creating a coordinated framework linking universities, research institutes, industry and government to national development priorities.
He disclosed that the Federal Government plans to provide annual funding of up to $500 million for the initiative, making it one of the country’s largest investments in research and innovation.
The minister said the fund would support competitive research grants, strengthen innovation infrastructure, promote the commercialisation of research findings and accelerate human capital development in science and technology.
He added that the NRIDF would operate under the supervision of the Federal Ministry of Innovation, Science and Technology, while oversight would be provided by a 17-member National Council on Research and Innovation chaired by the Vice President.
The Federal Government reaffirmed its commitment to innovation-led growth, economic diversification and job creation through sustained investment in research and development.
