Nigeria is taking a new step in its scientific development strategy with the creation of a national research and innovation fund, with an annual budget of $500 million.
Called the “National Research and Innovation Development Fund,” this mechanism aims to strengthen scientific research, support innovation, and accelerate the transformation of Nigeria’s economy toward high value-added sectors.
The announcement was made by the Nigerian Minister of Education during a meeting marking the official launch of the fund. According to authorities, this initiative is intended to align research activities with national priorities in economic and technological development.
The government also aims to address current funding gaps by creating a framework that encourages collaboration between universities, public institutions, research centers, and the private sector.
The fund will notably finance innovative research projects, modernize laboratories and scientific infrastructure, and create more opportunities for researchers and scientists in the country.
Authorities believe this initiative will help Nigeria strengthen its position in the global innovation ecosystem while improving public policy efficiency through more reliable scientific data.
Placed under the supervision of the Federal Ministry of Innovation, Science, and Technology, the fund will be managed by a National Council for Research and Innovation composed of 17 members and chaired by the Nigerian Vice President.
