By Boluwatife Oshadiya
Key Points
- The Federal Executive Council has approved the establishment of the National Research and Innovation Development Fund (NRIDF).
- The fund is designed to strengthen Nigeria’s science, research, technology and innovation ecosystem.
- Vice President Kashim Shettima will chair the proposed 17-member National Council on Research and Innovation.
- The initiative is expected to support researchers, startups, innovators and technology developers nationwide.
- The Federal Ministry of Innovation, Science and Technology will supervise implementation of the fund.
Main Story
The Federal Executive Council (FEC), presided over by President Bola Ahmed Tinubu, has approved the establishment of the National Research and Innovation Development Fund (NRIDF) in what government officials describe as a major policy step toward accelerating Nigeria’s innovation-driven economic agenda.
The newly approved fund will operate under the supervision of the Federal Ministry of Innovation, Science and Technology (FMIST), which will provide institutional coordination and oversight for implementation.
According to details released after the FEC meeting, the NRIDF will be overseen by a 17-member National Council on Research and Innovation chaired by Vice President Kashim Shettima, while the Minister of Innovation, Science and Technology, Kingsley Tochukwu Udeh will serve as vice chairman.
Government officials said the fund is expected to provide strategic financing for research institutions, technology startups, innovators and scientific development initiatives across Nigeria.
The approval comes as Nigeria intensifies efforts to diversify its economy away from oil dependency by increasing investment in technology, digital infrastructure, local manufacturing, artificial intelligence, clean energy innovation and research commercialization.
Analysts note that Nigeria has historically struggled with low investment in research and development compared to other emerging economies, despite its large youth population and expanding startup ecosystem. According to global development data, many advanced economies commit between 2 and 4 percent of GDP to research and development spending, while African economies generally lag behind.
The Tinubu administration has repeatedly highlighted innovation and digital transformation as central pillars of its broader economic reform agenda and long-term ambition of building a $1 trillion economy.
What’s Being Said
“The approval marks a major breakthrough in the Federal Government’s commitment toward building an inclusive, sustainable and innovation-driven economy in alignment with the Renewed Hope Agenda,” Udeh said in a statement issued by the ministry.
The minister, however, clarified that the fund would still undergo legislative, administrative and operational processes before full implementation and disbursement of funds can commence.
He added that the NRIDF would help strengthen collaboration between academia and industry, improve local research capacity, support commercialization of innovation and position Nigeria more competitively within the global knowledge economy.
Industry stakeholders have also argued that consistent funding remains one of the biggest obstacles facing Nigerian innovators and university-based researchers, many of whom struggle to convert research outcomes into commercially viable products.
What’s Next
The Federal Ministry of Innovation, Science and Technology is expected to begin work on the legislative and operational framework required for the rollout of the NRIDF.
The government is also expected to outline funding sources, governance structures, eligibility requirements and disbursement mechanisms for beneficiaries once the implementation phase begins.
Stakeholders within Nigeria’s research and startup ecosystem will likely monitor how quickly the initiative moves from approval stage to actual funding deployment.
Bottom Line
The approval of the National Research and Innovation Development Fund signals Nigeria’s growing focus on science, technology and innovation as drivers of long-term economic growth. If effectively implemented, the initiative could improve research funding, deepen industry-academic collaboration and strengthen Nigeria’s competitiveness in the global digital economy.
, presided over by President Bola Ahmed Tinubu, has approved the establishment of the National Research...){kind=link}