Nigeria to Launch $500M Annual Research Fund for Innovation

The Nigerian Federal Government, during a Federal Executive Council meeting, resolved to establish a $500 million annual fund known as the National Research Innovation Development Fund (NRIDF) to boost the economy and innovation. Dr.

Tunji Alausa, the Minister of Education, announced this initiative at a press conference in Abuja. The fund aims to provide sustainable financing for research activities and the commercialization of discoveries across universities, research institutions, and industries.

President Bola Tinubu directed the creation of a new agency to manage the fund, which will not solely rely on regular budgetary allocations. The initiative is designed to address long-standing fragmentation within Nigeria's research ecosystem and promote collaboration among academia, government, and the private sector.

The fund is expected to support competitive research grants, strengthen laboratory infrastructure, and enhance Nigeria's participation in global research partnerships. The Attorney General and Minister of Justice will prepare an executive bill for legal backing of the initiative.