The Federal Government has approved a $500 million annual funding scheme aimed at strengthening Nigeria’s research and innovation ecosystem and aligning it with global standards.
The initiative, known as the National Research and Innovation Development Fund, is designed to provide sustainable financing for research, innovation, and the commercialisation of discoveries across universities, research institutions, and the private sector.
Minister of Education, Tunji Alausa, announced the development while briefing journalists after the Federal Executive Council (FEC) meeting presided over by President Bola Tinubu.
He described the fund as a major step toward building a $1 trillion economy, noting that it would address challenges such as weak coordination, duplication of research efforts, and poor funding structures.
According to him, the fund will operate through a merit-based and competitive process, with priority given to research projects that directly support national development goals such as food security, healthcare, and environmental sustainability.
The programme will be managed under a dedicated agency within the Ministry of Innovation, Science and Technology, supervised by the National Council on Research and Innovation, chaired by the Vice President.
Beneficiary institutions will be required to submit annual performance reports and meet strict accountability benchmarks.
Alausa added that the Federal Executive Council has also directed the Attorney-General of the Federation to draft an executive bill for transmission to the National Assembly to give legal backing to the initiative.
In a related development, the government approved a new policy regulating honorary degrees in Nigerian universities to curb abuse and commercialisation.
The policy mandates that honorary awards must be clearly labelled and cannot be used as academic qualifications or confer the “Dr” title.
The National Universities Commission (NUC) will enforce compliance and sanction institutions that violate the rules.
