The Federal Government has approved the National Research and Innovation Development Fund (NRIDF) as part of efforts to strengthen Nigeria’s science, technology and innovation ecosystem and accelerate economic growth through research commercialisation, industrial development and job creation.
The approval, granted by the Federal Executive Council (FEC), was announced during a three-day National Concertation on Science, Technology and Innovation (STI), the Renewed Hope Agenda and the operationalisation of the NRIDF.
The event was organised by the Federal Ministry of Innovation, Science and Technology (FMIST), its agency, the Sheda Science and Technology Complex (SHESTCO), and the United Nations Educational, Scientific and Cultural Organization (UNESCO).
Speaking at the event, the Minister of Innovation, Science and Technology, Dr. Kingsley Tochukwu Udeh, SAN, described the fund as a major step towards building a sustainable innovation financing framework that can support research commercialisation and improve Nigeria’s competitiveness globally.
According to him, the Tinubu administration sees Science, Technology and Innovation (STI) as a key driver for national development and economic diversification across sectors including agriculture, healthcare, manufacturing, education, energy and the digital economy.
Udeh said Nigeria must move beyond research papers and focus on turning local research outputs into commercially viable products and services capable of creating measurable economic impact.
“This initiative represents a major milestone in Nigeria’s effort to establish a sustainable innovation financing framework capable of accelerating research commercialisation, industrial growth, job creation and global competitiveness,” he said.
He added that the government is already working with the Office of the Attorney-General of the Federation and Minister of Justice on an Executive Bill that will provide the legal and institutional framework for the full operationalisation of the NRIDF.
The Minister expressed confidence that the National Assembly would give speedy consideration to the proposed legislation once it is formally presented.
He also linked the initiative to the Ministry’s flagship programme, Energise Commercialisation Now (ECoN), which is championed by the First Lady, Senator Oluremi Tinubu.
According to him, the new innovation fund is expected to attract stronger private sector participation, improve sustainable financing for innovation and support the development of innovation-led businesses in Nigeria.
Permanent Secretary of the Ministry, Dr. Mukhtar Yawale Muhammad, mni, said the concertation was designed to bridge the gap between research institutions and industry needs.
He said the government wants to ensure Nigerian laboratories contribute directly to industrial production and economic development.
“Our laboratories must become our factories,” Muhammad said.
He noted that the Ministry would continue to work with international development partners and the United Nations system to reposition STI as a major pillar of Nigeria’s economic transformation strategy.
Director-General and Chief Executive Officer of SHESTCO, Hon. Magaji Da’u Aliyu, mni, said innovation can only thrive in an ecosystem where government, academia, industry and development partners work together effectively.
Also speaking at the event, Dr. Enang Moma, Head of Science Sector at UNESCO, reaffirmed the organisation’s commitment to supporting Nigeria’s efforts to transform research outcomes into products and services that can strengthen the economy.
The event brought together lawmakers, heads of research institutes and agencies, academics, private sector players, development partners and stakeholders across Nigeria’s innovation ecosystem to discuss strategies for strengthening the country’s National Innovation System under the Renewed Hope Agenda.
