Nigerian government plans new fund to support research and innovation

The federal government is working to set up a National Research and Innovation Development Fund. This fund aims to improve research and scientific innovation in Nigeria.

Nigeria’s Minister of Innovation, Science and Technology, Kingsley Udeh, shared this news on Tuesday during his appearance on TVC News’ Beyond the Headlines.

Mr Udeh, who is a Senior Advocate of Nigeria, said this funding agency will provide ongoing financial support for research and innovation in the country.

He noted that the need for this agency came from findings that Nigeria has many research ideas but lacks the money to turn them into real products.

“So we understood that it would require some consensus effort, intentionality, to take these research outcomes from the shelves, from the files, into supporting them to the market, to make revenue for the researchers, for the innovators, and of course, add value to our economy, boost our GDP,” he said.

Mr Udeh mentioned that the Federal Executive Council has approved the creation of the funding agency. A bill has also been sent to the National Assembly for legislative support.

He said that once the National Assembly approves the bill, it will create an Act to form the funding agency.

The minister explained that funding would come from various sources. This includes government money and contributions from companies as allowed under the Tax Act, which recognizes spending on research and development.

“Now, of course, this fund would be governed by a council made up of not just government people, but innovators themselves, researchers, and it’s guided by global standards,” he remarked.

He admitted that it is hard to say how much money will be available at first. The proposed funding will depend on percentages decided each year.

“But what I can say is that it’s going to be significant,” he said.

Mr Udeh also said the fund will not be entirely controlled by the government.

He explained that the governing council will include researchers, innovators, private sector representatives, and others involved in science, technology, and innovation.

“So, this fund wouldn’t just be a government thing because the private sector players that will be putting out their taxable income that are devoted to R&D (Research and Innovative Development) would have their eyes on it,” he said.

According to him, the framework will also connect Nigeria with the Science Granting Councils Initiative of Africa.

The minister said the goal is to ensure that research funding supports projects that can move from ideas to commercial products.

He also mentioned that the government is working to set up an Innovation Hub and Innovation Grid. These will act as a national database for research, inventions, and innovations in various sectors.

Mr Udeh said the agreement for this project is currently being reviewed by the Office of the Attorney-General of the Federation.

He added that the Innovation Grid will help investors and industry players find research results and intellectual property in Nigeria. It will also connect them with the universities or research institutions that created those products.

The minister said this project could bring in about $10 billion (around N13.6 trillion) yearly for Nigeria. The funding will primarily come from private investors who are expected to earn returns from the project.

“This is a project that will pay itself. The investors will make money out of this project,” he said.