The Federal Executive Council (FEC) presided by President Bola Ahmed Tinubu, GCFR, has approved the establishment of National Research and Innovation Development Fund (NRIDF), in a landmark move aimed at strengthening Nigeria’s research, science, technology and innovation ecosystem.
According to a press release issued by Pauline Sule, Head, Press and Public Relations of the Federal Ministry of Innovation, Science and Technology, the NRIDF will be overseen by a seventeen member National Council on Research and Innovation to be chaired by the Vice President of the Federal Republic of Nigeria, while the Honourable Minister of Innovation, Science and Technology will serve as the Vice Chairman, alongside other members as proposed.
The National Research and Innovation Development Fund will operate under the supervision of the Federal Ministry of Innovation, Science and Technology (FMIST), which will coordinate and provide institutional oversight for its implementation.
Welcoming the historic development, the Honourable Minister of Innovation, Science and Technology, Dr. Kingsley Tochukwu Udeh, SAN, expressed delight over the approval, describing it as a major breakthrough in the Federal Government’s commitment towards building an inclusive, sustainable and innovation-driven economy towards a $1 trillion GDP in alignment with the Renewed Hope Agenda of President Bola Ahmed Tinubu, GCFR.
According to the Minister, although the approval marks a significant milestone, the Fund will still undergo necessary legislative, administrative and operational processes before full implementation and disbursement can commence.
Dr. Udeh noted that when fully operational, the NRIDF is expected to provide strategic funding support for researchers, innovators, technology developers and startups across the country. He added that the initiative would boost local research capacity, promote commercialization of research and innovation, strengthen collaboration between academia and industry, and position Nigeria more competitively within the global knowledge and technology economy.