The innovation minister says a proposed national financing framework would link university research to industry and commercial opportunities.
The Federal Government is pursuing legislation to establish a National Research and Innovation Development Fund and Council, with the aim of providing a more predictable source of financing for scientific research and commercially useful inventions.
Minister of Innovation, Science and Technology Kingsley Tochukwu Udeh said the Federal Executive Council had already approved the initiative and a bill had been submitted to the National Assembly to give it statutory backing.
Speaking during an interview on Arise News Prime Time, Udeh said Nigeria needed a system that could support research beyond irregular budget allocations. He emphasized work capable of meeting market needs and attracting investment, rather than research undertaken solely to fulfil academic requirements.
The minister said private companies should play a larger role in financing innovation and pointed to provisions in tax legislation that encourage research expenditure. He cited Turkey as an example of a country where private capital makes a substantial contribution to research funding.
Udeh also disclosed consultations on a proposed innovation database estimated to cost $18 million. The platform would catalogue inventions, research outputs and intellectual property from Nigerian universities and institutions, making them easier for businesses and investors to identify.
He said the database was being conceived without direct government budgetary funding. The proposal remains subject to further development, while the fund and council will require legislative approval and presidential assent before they can operate under the proposed framework.
The ministry’s approach places particular emphasis on connections among universities, research institutes, investors and manufacturers, with commercial application presented as a key measure of public research value.
