The Federal Executive Council (FEC) has accepted the institution of the National Research and Innovation Development Fund (NRIDF) as half of efforts to strengthen Nigeria’s analysis, science, expertise and innovation sector. The approval was granted throughout a Federal Executive Council assembly presided over by President Bola Tinubu. According to a……
The Federal Executive Council (FEC) has accepted the institution of the National Research and Innovation Development Fund (NRIDF) as half of efforts to strengthen Nigeria’s analysis, science, expertise and innovation sector.
The approval was granted throughout a Federal Executive Council assembly presided over by President Bola Tinubu.
According to an announcement issued by the Federal Ministry of Innovation, Science and Technology, Head of Press and Public Relations, Pauline Sule, on Monday, May 11, the fund can be supervised by the ministry and managed by means of a 17-member National Council on Research and Innovation.
The council can be chaired by Vice President Kashim Shettima, whereas the Minister of Innovation, Science and Technology, Kingsley Tochukwu Udeh, will function vice chairman.
Reacting to the event, Udeh described the approval as a significant step in direction of constructing an innovation-driven financial system and strengthening Nigeria’s analysis ecosystem.
He mentioned the initiative aligns with the Federal Government’s financial agenda geared toward attaining a $1 trillion financial system beneath the Renewed Hope programme.
The minister, nevertheless, famous that the fund would nonetheless endure legislative, administrative and operational procedures earlier than full implementation and disbursement start.
According to him, the National Research and Innovation Development Fund is anticipated to present strategic monetary help for researchers, innovators, startups and expertise builders throughout the nation when absolutely operational.
He added that the initiative would assist strengthen native analysis capability, encourage the commercialisation of improvements and deepen collaboration between educational establishments and trade gamers.
The ministry additionally said that the fund is anticipated to enhance Nigeria’s competitiveness throughout the world expertise and data financial system.