President Bola Tinubu’s administration is set to establish a $500 million annual fund dedicated to research and innovation, in a move aimed at driving economic growth through science, technology, and locally driven solutions.
The initiative, which could expand to $1 billion in the coming years, was disclosed on Wednesday by the Minister of Education, Tunji Alausa, following a meeting of the Federal Executive Council (FEC). The council approved the creation of the National Research and Innovation Development Fund (NRIDF).
Speaking alongside the Minister of State for Education, Suwaiba Ahmed, Alausa described the fund as a transformative step toward unlocking Nigeria’s research capacity and supporting the administration’s ambition of building a $1 trillion economy.
According to the minister, the fund will provide sustained financing for university research, institutional projects, and the commercialization of innovations. He emphasized that the initiative will not depend solely on government budgetary allocations but will explore alternative funding sources to generate about $500 million annually.
The NRIDF is designed to address the fragmentation within Nigeria’s research ecosystem by strengthening collaboration among universities, government agencies, and the private sector. Alausa cited countries such as South Korea and Singapore as examples of nations that achieved rapid development through coordinated research funding aligned with economic priorities.
Key focus areas of the fund include competitive research grants, laboratory upgrades, commercialization of research outputs, talent development, global partnerships, and data-driven policymaking.
The fund will operate under the Ministry of Science, Innovation, and Technology, with a structure aimed at minimizing bureaucracy. Vice President Kashim Shettima is expected to chair its governing council, which will include representatives from government, academia, research institutions, and the private sector.
The Attorney General has been directed to prepare an executive bill for submission to the National Assembly to provide legal backing for the initiative.
Alausa noted that the framework for the fund was developed over two years with contributions from presidential adviser Hadiza Bala Usman.
The move comes amid persistent calls from academic unions for improved research funding and is intended to position Nigeria for greater global competitiveness.
“Research and innovation are critical to national development,” Alausa said, stressing that Nigeria must overcome its current challenges of underfunding and fragmentation to thrive in the global knowledge economy.
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