The federal government has approved the establishment of the National Research and Innovation Development Fund, a financing mechanism projected to generate approximately $500 million annually for research, innovation, and the commercialization of scientific discoveries across Nigeria’s universities, research institutes, and industries, as part of a broader strategy to build the knowledge economy required to achieve President Bola Tinubu’s $1 trillion GDP target.
Education Minister Dr. Tunji Alausa, disclosing the Federal Executive Council approval in Abuja, described the initiative as a major milestone capable of unlocking Nigeria’s long-suppressed research potential and addressing the fragmentation that had historically weakened collaboration among academia, government institutions, and the private sector.
He said the president had specifically directed that the new agency not depend solely on regular budgetary allocations, requiring instead that alternative top-line funding mechanisms be developed to generate sustainable, predictable resources for research activities. “We are looking at top-line funding mechanisms that, by our estimates, could generate about $500 million annually for research and innovation in Nigeria,” Alausa said.
The fund is expected to support competitive research grants, strengthen laboratory and research infrastructure, promote the commercialization of research findings, and build a pipeline of scientific talent capable of addressing critical national development challenges. It will also improve Nigeria’s participation in global research partnerships and strengthen evidence-based policymaking through enhanced science and innovation data systems.
Alausa drew comparisons with South Korea and Singapore, both of which recorded rapid economic transformation after establishing coordinated national research funding systems directly tied to their development priorities. He said Nigeria could not continue to depend on fragmented and underfunded research systems if it intended to compete globally.
The fund will operate under the Federal Ministry of Science, Innovation and Technology and will be governed by a council chaired by Vice President Kashim Shettima, with members drawn from relevant ministries, academia, research institutions, and the private sector. The Attorney-General of the Federation has been directed to prepare an executive bill for transmission to the National Assembly to provide the necessary legal backing.
