The Federal Government (FG) has commenced moves to establish a National Research and Innovation Development Fund and Council to provide sustainable financing for research and innovation 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.
According to the Minister, the Federal Executive Council had approved the establishment of the fund, and a bill had been forwarded to the National Assembly to give it statutory backing.
Funding Sources
Udeh said funding would come from multiple sources, including government allocations and contributions by companies under provisions of the Tax Act that recognise spending on research and development.
He said the exact amount that would be available could not yet be determined because the proposed funding mechanism would be calculated as percentages on a year-by-year basis. He, however, said the fund would be “significant”.
Governing Council Composition
The Minister said the proposed fund would not be controlled exclusively by government officials, explaining that its governing council would include researchers, innovators, private-sector representatives and other stakeholders in the science, technology and innovation ecosystem.
He said the framework would also align Nigeria with the Science Granting Councils Initiative of Africa.
According to him, the objective is to ensure that research funding reaches projects capable of progressing from prototype 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.
Innovation Hub and Innovation Grid
Udeh also said the government was working to establish an Innovation Hub and Innovation Grid that would serve as a national database of research, inventions and innovations across different sectors.
He said an agreement for the project was currently undergoing screening by the Office of the Attorney-General of the Federation.
According to him, the proposed Innovation Grid would allow investors and industry players to identify research outcomes and intellectual property available in Nigeria and connect with the universities or research institutions responsible for developing them.
He said the project was expected to generate about $10 billion annually for Nigeria, while its financing would come from outside government because investors would generate returns from the project.
