FEC Approves National Research, Innovation Development Fund
The Federal Executive Council, presided over by President Bola Ahmed Tinubu, has approved the establishment of the National Research and Innovation Development Fund (NRIDF) in a major step toward strengthening Nigeria’s science, technology, and innovation sector.
According to the Federal Government, the new fund is aimed at supporting research, innovation, technology development, and scientific advancement across the country.
The NRIDF will be supervised by a 17-member National Council on Research and Innovation, which will be chaired by Vice President Kashim Shettima, while the Minister of Innovation, Science and Technology, Kingsley Tochukwu Udeh, will serve as Vice Chairman of the council.
The fund will operate under the supervision of the Federal Ministry of Innovation Science and Technology, which will provide institutional oversight and coordinate its implementation.
Reacting to the approval, Dr. Udeh described the development as a major breakthrough in the Federal Government’s efforts to build an inclusive, sustainable, and innovation-driven economy in line with President Tinubu’s Renewed Hope Agenda and the target of achieving a $1 trillion economy.
The minister explained that although the approval marks a significant milestone, the fund will still undergo legislative, administrative, and operational processes before full implementation and disbursement begin.
According to him, once fully operational, the NRIDF is expected to provide strategic funding support for researchers, innovators, technology developers, and startups across Nigeria.
He added that the initiative would strengthen local research capacity, encourage commercialization of innovation, improve collaboration between academic institutions and industries, and position Nigeria more competitively in the global technology and knowledge economy.
The statement was signed by Pauline Sule.
FEC Approves National Research, Innovation Development Fund