The Federal Government has sent a bill to the National Assembly seeking legislative backing for the establishment of the National Research and Innovation Development Fund and Council, the Minister of Innovation, Science and Technology, Dr. Kingsley Tochukwu Udeh, SAN, has disclosed.

Udeh said the Federal Executive Council had already approved the establishment of the fund and council, with the bill now before the National Assembly to provide statutory backing for the initiative.

He disclosed this during a recent interview on Arise News Prime Time.

According to the minister, the proposed framework is aimed at creating sustainable funding for research and development, particularly research with commercial potential.

He said the proposed legislation would provide for a dedicated and consolidated source of funding for research and development, with emphasis on projects capable of being commercialised.

Udeh also disclosed that the government was working to encourage private-sector investment in research and development, noting that the private sector would have to play a major role in funding innovation.

He said the tax law also contains provisions that allow companies and institutions to devote part of their taxable income or revenue to research and development.

The minister cited Turkey as an example, saying 60 percent of its research and development funding comes from the private sector.

Udeh said the government was also working with the education sector to ensure that research was increasingly driven by market needs rather than being conducted solely for academic purposes.

“So we will be prioritizing market demands on research.”

He said the approach would help connect universities and research institutions directly with industry and potential investors.

The minister also disclosed that the government was engaging to establish an innovation grid, hub or database in Nigeria at an estimated cost of $18 million.

According to him, the platform would catalogue innovations and inventions emerging from Nigerian universities and research institutions, enabling investors and technology companies to identify available intellectual property and engage researchers or institutions.

He said the project was expected to contribute significantly to the Nigerian economy and would not require government budgetary funding.