The federal government has approved the investment of $500 million in the National Research and Innovation Development Fund (NRIDF) to boost investment in research, science, and technology.
Tunji Alausa, minister of education, said the fund will address fragmentation in Nigeria’s research ecosystem by creating a coordinated framework linking universities, research institutes, industry, and government to national development priorities.
He said that the federal government plans to provide up to $500 million annually to make NRIDF one of Nigeria’s most ambitious investments in research and innovation.
The minister said the fund would support competitive research grants, strengthen innovation infrastructure, promote commercialisation of research findings, and accelerate human capital development in science and technology.
He said the NRIDF would operate under the federal ministry of innovation, science, and technology, with oversight provided by a 17-member national council on research and innovation, chaired by the vice president.
Alausa reaffirmed the federal government’s commitment to innovation-led growth, economic diversification, and job creation through sustained investment in research and development.