The federal government had begun efforts to set up a National Research and Innovation Development Fund to boost research and scientific innovation in the country.
Nigeria’s Minister of Innovation, Science and Technology, Kingsley Udeh, disclosed this on Tuesday when he appeared as a guest on TVC News’ Beyond the Headlines.
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Mr Udeh, a Senior Advocate of Nigeria, said the funding agency would be responsible for provision of sustainable financing for research and innovation in Nigeria.
The minister explained that the decision to establish the agency followed findings that Nigeria has abundant research and scientific innovations but lacks the funding needed to translate them into practical applications.
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“So we understood that it would require some consensus effort, intentionality, to take these research outcomes from the shelves, from the files, into supporting them to the market, to make revenue for the researchers, for the innovators, and of course, add value to our economy, boost our GDP,” he said.
Mr Udeh said the Federal Executive Council had approved the establishment of the funding agency and that a bill had been forwarded to the National Assembly to secure legislative backing.
He said, upon securing legislative approval, the National Assembly would make an Act to establish the funding agency.
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The minister said funding would come from multiple sources, such as government allocations and contributions by companies under provisions of the Tax Act that recognise spending on research and development.
“Now, of course, this fund would be governed by a council made up of not just government people, but innovators themselves, researchers, and it’s guided by global standards,” he remarked.
He acknowledged that the exact amount to be available could not be determined at the moment because the proposed funding mechanism would be calculated as percentages on a year-by-year basis.
“But what I can say is that it’s going to be significant,” he said.
‘Not to be completely govt-controlled’
Mr Udeh also said the proposed fund would not be completely under the control of the government.
He explained that its governing council would include researchers, innovators, private-sector representatives and other stakeholders in the science, technology and innovation ecosystem.
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“So, this fund wouldn’t just be a government thing because the private sector players that will be putting out their taxable income that are devoted to R&D (Research and Innovative Development) would have their eyes on it,” he said.
According to him, the framework would also align Nigeria with the Science Granting Councils Initiative of Africa.
The minister said the objective was to ensure that research funding reaches projects capable of progressing from prototype to commercialisation.
He also said the government was working to establish an Innovation Hub and Innovation Grid that would serve as a national database of research, inventions and innovations across different sectors.
Mr Udeh said an agreement for the project was currently undergoing screening by the Office of the Attorney-General of the Federation.
He said the proposed Innovation Grid would allow investors and industry players to identify research outcomes and intellectual property available in Nigeria and connect with the universities or research institutions responsible for developing them.
The minister said the project was expected to generate about $10 billion (about N13.6 trillion) annually for Nigeria, while its financing would come from outside government because investors would generate returns from the project.
“This is a project that will pay itself. The investors will make money out of this project,” he said.
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