FEC Approves Establishment of National Research Fund to Boost Innovation, Technology Development

The Federal Executive Council (FEC) has approved the establishment of the National Research and Innovation Development Fund (NRIDF) as part of efforts to strengthen Nigeria’s research, science, technology and innovation sector.

The approval was granted during a Federal Executive Council meeting presided over by President Bola Tinubu.

According to a statement issued by the Federal Ministry of Innovation, Science and Technology, Head of Press and Public Relations, Pauline Sule, on Monday, May 11, the fund will be supervised by the ministry and managed through a 17-member National Council on Research and Innovation.

The council will be chaired by Vice President Kashim Shettima, while the Minister of Innovation, Science and Technology, Kingsley Tochukwu Udeh, will serve as vice chairman.

Reacting to the development, Udeh described the approval as a major step towards building an innovation-driven economy and strengthening Nigeria’s research ecosystem.

He said the initiative aligns with the Federal Government’s economic agenda aimed at achieving a $1 trillion economy under the Renewed Hope programme.

The minister, however, noted that the fund would still undergo legislative, administrative and operational procedures before full implementation and disbursement begin.

According to him, the National Research and Innovation Development Fund is expected to provide strategic financial support for researchers, innovators, startups and technology developers across the country when fully operational.

He added that the initiative would help strengthen local research capacity, encourage the commercialisation of innovations and deepen collaboration between academic institutions and industry players.

The ministry also stated that the fund is expected to improve Nigeria’s competitiveness within the global technology and knowledge economy.