By Chinenye Onwusonye
The Federal Executive Council (FEC), presided over by President Bola Ahmed Tinubu, has approved the establishment of the National Research and Innovation Development Fund (NRIDF) as part of efforts to strengthen Nigeria’s science, technology and innovation sector.
The development was disclosed in a statement signed by Mrs. Pauline Sule, Head of Press and Public Relations, on May 11, 2026.
According to the statement, the fund is expected to drive research, innovation and technology development across the country while supporting the Federal Government’s plan to build an innovation-driven economy.
The statement noted that the NRIDF would be supervised by the Federal Ministry of Innovation, Science and Technology (FMIST), which would coordinate its implementation and provide institutional oversight.
It added that a 17-member National Council on Research and Innovation would oversee the fund, with the Vice President serving as chairman, while the Minister of Innovation, Science and Technology would serve as vice chairman.
Reacting to the approval, the Minister of Innovation, Science and Technology, Dr. Kingsley Tochukwu Udeh (SAN), described the decision as a major breakthrough in the Federal Government’s commitment to promoting inclusive and sustainable economic growth.
He said the initiative aligns with President Tinubu’s Renewed Hope Agenda and the administration’s target of achieving a $1 trillion economy.
The minister, however, noted that the fund would still undergo legislative, administrative and operational processes before full implementation and disbursement could begin.
According to him, when operational, the fund will provide strategic financial support for researchers, innovators, technology developers and startups across Nigeria.
He added that the initiative would help strengthen local research capacity, encourage commercialization of research findings and foster stronger collaboration between academic institutions and industry players.
The statement further said the fund is expected to improve Nigeria’s competitiveness in the global technology and knowledge economy while creating opportunities for innovation-driven development.
