The Federal Executive Council (FEC) has approved the establishment of National Research and Innovation Development Fund (NRIDF) to support the Federal Government’s efforts aimed at strengthening Nigeria’s research, science, technology and innovation ecosystem.
The NRIDF will be overseen by a 17-member National Council on Research and Innovation to be chaired by the Vice President, Kashim Shettima while the Minister of Innovation, Science and Technology will serve as the Vice Chairman.
The Fund will operate under the supervision of the Federal Ministry of Innovation, Science and Technology (FMIST), which will coordinate and provide institutional oversight for its implementation.
Speaking on the approval by the FEC of the Fund, the Minister of Innovation, Science and Technology, Dr. Kingsley Udeh, described the Council’s decision as a major breakthrough in the government’s commitment towards building an inclusive, sustainable and innovation-driven economy towards a $1 trillion GDP target by year 2032.
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According to the minister, although the approval marks a significant milestone, the Fund would still undergo necessary legislative, administrative and operational processes before the disbursement to projects and programmes to be funded by it..
Udeh expressed optimism that when fully operational, the NRIDF would provide strategic funding support for researchers, innovators, technology developers and startups across the country.
The minister further stressed that the initiative would boost local research capacity, promote commercialization of research and innovation, strengthen cooperation between academia and industry, and competitively position the country within the global knowledge and technology-powered ecosystem.
