Nigeria Approves $500m Annual Research Fund to Drive Innovation
ABUJA: The Federal Government has approved a $500 million annual funding mechanism to transform Nigeria’s research and innovation ecosystem in line with international best practices.
The fund, known as the National Research and Innovation Development Fund, is designed to ensure sustainable financing for research activities, innovation and the commercialisation of discoveries across universities, research institutes and industries.
The Minister of Education, Dr Tunji Alausa, disclosed this on Wednesday while briefing State House correspondents on decisions reached at the April 30 Federal Executive Council (FEC) meeting, presided over by President Bola Tinubu.
He said the fund would address fragmentation, weak coordination and duplication in Nigeria’s research system. Alausa explained that the initiative would align research priorities with national development needs and improve transparency in funding.
“This is a game-changer. If Nigeria wants to become a 1-trillion-dollar economy, we must unleash the potential of our researchers and innovators,” he said.
The minister said the fund would support research in universities, public institutions and the private sector through a merit-based, competitive process.nHe added that it would operate as a flexible agency under the Ministry of Innovation, Science and Technology.
According to him, the agency will be led by a Chief Executive Officer, supported by three Executive Directors and a General Counsel. Technical committees and expert panels will assess proposals based on impact and national relevance.
He explained that beneficiary institutions will be required to submit annual reports and meet performance benchmarks.
Alausa said the fund would draw from a dedicated first-line charge and receive about $500 million yearly, adding that the National Council on Research and Innovation, chaired by the Vice President, would supervise the fund.
Members of the council will include key ministers, academia, research bodies and private sector representatives.
The minister said FEC had directed the Attorney-General of the Federation to draft an executive bill for transmission to the National Assembly. He noted that the initiative would harmonise existing research efforts and focus on priority areas such as food security, health and environmental sustainability.
The minister said FEC also approved a new policy regulating the award and use of honorary degrees by Nigerian universities. He said the policy aims to curb abuse, politicisation and commercialisation of honorary awards.
“Recipients are expected to acknowledge the degree as an award or recognition and not as a formal academic qualification,” he said. The minister warned that misrepresentation of honorary degrees would be treated as academic fraud.
He said only universities with established PhD programmes would be allowed to confer honorary degrees. According to him, all such awards must be clearly labelled “honorary” or “honoris causa,” and recipients must not use the “Dr” title in official settings.
Alausa said the National Universities Commission (NUC) would enforce compliance and sanction erring institutions. “We will collaborate with the media to discourage the improper attribution of academic titles,” he said.
Minister of State for Education, Prof. Suwaiba Ahmad, said the policy gives legal backing to the Keffi Declaration originally created by Vice-chancellors themselves as a guide for the award of honorary degrees in the country. Airtel, Dangote Rally Boost NGX Index, Investors Gain N628bn