Nigeria launches $500 million annual research and innovation fund

The Nigerian federal government announced plans to create a $500 million annual National Research and Innovation Development Fund (NRIDF). Education Minister Dr. Tunji Alausa said the fund will provide sustainable financing for competitive research grants, laboratory upgrades, commercialisation of discoveries and the development of scientific talent, supporting President Bola Tinubu’s aim of a $1 trillion economy.

The fund will be overseen by the Ministry of Science, Innovation and Technology and chaired by Vice President Kashim Shettima, with members from ministries, academia, research institutes and the private sector. An executive bill will be prepared for the National Assembly to give the initiative legal backing. Alausa noted the fund is designed to reduce bureaucracy and will not rely solely on regular budget allocations, drawing on top‑line funding mechanisms similar to those used in South Korea and Singapore. He added, “Research and innovation are what drive development in every serious nation.”