The Federal Government has unveiled plans to establish a National Research and Innovation Development Fund and Council to provide sustainable financing for research, innovation and the commercialisation of home-grown ideas in Nigeria.
The Minister of Innovation, Science and Technology, Dr. Kingsley Tochukwu Udeh, SAN, disclosed this during an interview on TVC News’ Beyond the Headlines, saying the Federal Executive Council had approved the establishment of the proposed fund.
Udeh said a bill had also been forwarded to the National Assembly to provide statutory backing for the fund and its governing council.
According to the minister, the proposed fund would receive financing from multiple sources, including government allocations and contributions from companies whose spending on research and development is recognised under provisions of the Tax Act.
He explained that the exact amount to be available could not yet be determined because the funding mechanism would be calculated as percentages on a year-by-year basis, but stressed that the fund would be “significant.”
Udeh said the proposed governing council would not be controlled exclusively by government officials, as it would include researchers, innovators, private-sector representatives and other stakeholders in the science, technology and innovation ecosystem.
He added that the framework would align Nigeria with the Science Granting Councils Initiative of Africa and was designed to ensure that research funding reached projects with the potential to progress from prototype development to commercialisation.
“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 would have their eyes on it,” Udeh stated.
The minister also disclosed plans to establish an Innovation Hub and Innovation Grid that would serve as a national database of research, inventions and innovations across various sectors.
Udeh said an agreement for the project was currently undergoing screening by the Office of the Attorney-General of the Federation.
He explained that the proposed Innovation Grid would enable investors and industry players to identify research outcomes and intellectual property available in Nigeria and connect directly with the universities and research institutions responsible for developing them.
According to him, the initiative is expected to generate about $10 billion annually for Nigeria, while its financing would come from outside government because investors would be able to generate returns from the project.
Udeh said the proposed research fund, council and Innovation Grid were part of efforts to strengthen Nigeria’s research and innovation ecosystem and create sustainable pathways for turning research outcomes, inventions and innovations into commercially viable products and services.
