FG approves new $500m fund to boost research, innovation

The federal government has approved a $500 million investment in the National Research and Innovation Development Fund (NRIDF) as part of efforts to strengthen research, science, and technology in Nigeria.

Minister of Education, Tunji Alausa, said the initiative is aimed at addressing fragmentation within the country’s research ecosystem by creating a coordinated framework that connects universities, research institutes, industry players, and government institutions to national development priorities.

According to the minister, the federal government plans to commit up to $500 million annually to the NRIDF, positioning it as one of Nigeria’s most ambitious investments in research and innovation.

Alausa explained that the fund would provide competitive research grants, strengthen innovation infrastructure, support the commercialisation of research findings, and accelerate human capital development in science and technology.

He added that the NRIDF will operate under the supervision of the Federal Ministry of Innovation, Science and Technology, while oversight will be handled by a 17-member National Council on Research and Innovation chaired by the vice president.

The minister also reaffirmed the federal government’s commitment to innovation-driven economic growth, diversification, and job creation through sustained investment in research and development.