FG to Set Up $500 Million Annual Fund to Boost University Research

By Victor Idajili

 The Federal Government is setting up a $500 million yearly fund to strengthen research and innovation in Nigerian universities.  

Education Minister Tunji Alausa announced this on Wednesday at a briefing in the State House, calling it a “game changer” for the country’s academic and economic future. He said the initiative will help unlock Nigeria’s research capacity and support President Bola Tinubu’s goal of building a $1 trillion economy.  

The fund will run under the newly approved National Research and Innovation Development Fund, NRIDF, which the Federal Executive Council cleared last week. Alausa said the plan is for the fund to eventually grow to about $1 billion in the coming years.  

“President Tinubu has made it clear that this agency shouldn’t depend only on regular budget allocations,” Alausa said. “We’re working on top-line funding models to secure roughly $500 million annually.”  

He explained that the fund is meant to fix the fragmentation in Nigeria’s research space by bringing universities, government agencies and the private sector together, and by turning research results into practical, commercial products.  

Citing South Korea and Singapore as examples, Alausa said targeted, demand-driven research financing can drive industrial growth and economic transformation.  

The initiative will focus on competitive research grants, upgrading laboratories, training talent, building international research partnerships, and using data to shape policy so academic work aligns with national needs.  

The fund will be housed under the Federal Ministry of Innovation, Science and Technology and is designed to run with minimal bureaucracy for faster impact. Vice President Kashim Shettima will chair the governing council, which will include representatives from relevant ministries, academia, research bodies and the private sector.  

Alausa also said the Attorney General has been asked to draft an executive bill for the National Assembly to give the framework legal backing.