Emmanuel Ugwu-Nwogo in Umuahia
The persistent lamentations from Nigerian universities and research institutions about poor funding of research and development (R&D) would soon become a thing of the past.
This is because the federal government has initiated a new vista of sustained funding of research and development that would ensure a steady flow of funds for R&D in the quest for industrial growth and economic diversification.
The Minister of Innovation, Science and Technology, Dr. Kingsley Tochukwu Udeh, SAN, said the goal of achieving sustained funding of research and development would be achieved through the establishment of the National Research and Innovation Development Fund and Council.
He made this known during an interview on Arise News Prime Time, saying that FG was already seeking a legislative framework for the National Research, Innovation Fund, Council.
According to him, the FG has sent a bill to the National Assembly which when passed into law and assented by Mr. President would give legal backing for the establishment of the National Research and Innovation Development Fund and Council.
Udeh said that the Federal Executive Council had given approval for the establishment of the Fund and Council before FG came up with the bill now before the National Assembly, in order to provide the necessary statutory backing for the initiative.
The minister explained that proposed legislative framework was aimed at creating sustainable funding for research and development, particularly research with commercial potential.
He stated 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 said the FG was keen on encouraging private-sector investment in research and development, stressing that the private sector would have to play a major role in funding innovation.
He pointed out the tax law also contains provisions that allow companies and institutions to devote part of their taxable income or revenue to research and development. Citing Turkey as an example, the minister said that 60 percent of that country’s R&D funding comes from the private sector.
However, he hinted that there would be need to ensure that research outcomes must justify the funding input. To this end, Udeh said that government was engaging with the education sector to ensure that research was primarily driven by market needs and not solely for academic purposes.
He insisted “we will be prioritizing market demands on research”, adding that with this approach, universities and research institutions would be able to link directly with industry and potential investors.
The minister disclosed that FG has started engaging in consultations to establish an innovation grid, hub or database in Nigeria at an estimated cost of $18 million.
He said that the database would catalogue innovations and inventions emerging from Nigerian universities and research institutions, thereby exposing them to investors and technology companies to identify available intellectual property and engage researchers or institutions.
The Minister of Innovation said the project expected to contribute significantly to the Nigerian economy would not require government budgetary funding.