TSF Applauds Tinubu’s $500m Innovation Fund, Says Move Will Drive Industrial Growth
Oru Leonard
The Tinubu Stakeholders Forum (TSF) has described the Federal Government’s approval of a $500 million annual investment in the National Research and Innovation Development Fund (NRIDF) as a major step toward transforming Nigeria into a knowledge-based economy.
In a statement jointly signed by its Chairman, Ahmad Sajoh, and Secretary, Danjuma Sada, the group said the initiative represents one of the boldest commitments to research, science, and technology development in Nigeria’s history.
According to the Forum, the creation of the NRIDF demonstrates the Tinubu administration’s determination to reposition the country for innovation-driven growth, industrial competitiveness, and long-term economic sustainability.
TSF noted that Nigeria’s research and innovation ecosystem has for decades struggled with inadequate funding, obsolete infrastructure, weak collaboration between academia and industry, limited commercialisation opportunities, and insufficient venture financing.
It stated that these challenges have prevented many breakthroughs by Nigerian researchers and institutions from evolving into scalable businesses, manufacturing solutions, or export-driven industries.
The Forum added that the disconnect between universities, industries, investors, and government institutions has slowed Nigeria’s transition into a modern knowledge economy despite the country’s huge intellectual and youthful population.
It further observed that weak investment in research and development over the years contributed significantly to the migration of Nigerian scientists, engineers, researchers, and technology experts to countries with better support systems.
TSF therefore described the establishment of the NRIDF as a timely intervention capable of addressing structural barriers limiting innovation, productivity, industrialisation, and economic diversification.
The Forum commended the Federal Government for proposing a framework that would connect universities, research institutes, startups, industries, and policymakers around national development priorities.
According to TSF, the focus on competitive grants, technology transfer, commercialisation of research findings, innovation infrastructure, and human capital development reflects a growing recognition that modern economies are powered by technology, ideas, and knowledge systems.
The group stressed that countries that attained rapid industrialisation and sustainable economic growth did so through deliberate investment in research and development.
It maintained that Nigeria cannot achieve meaningful technological advancement or sustainable industrialisation while relying heavily on imported technologies and raw commodity exports.
TSF also linked the initiative to President Bola Tinubu’s ambition of building a $1 trillion economy, noting that no country reaches such economic status without consistent investment in science, innovation, and advanced technology sectors.
The Forum further welcomed the proposed governance structure for the fund under the Federal Ministry of Innovation, Science and Technology, with oversight by the National Council on Research and Innovation chaired by Vice President Kashim Shettima.
While praising the initiative, TSF emphasised that the success of the fund would depend on transparency, merit, competitiveness, and institutional independence.
The group urged the Federal Government to shield the implementation process from political interference and ensure that projects are assessed strictly on scientific quality, innovation potential, commercial viability, and national relevance.
TSF also called for broader reforms in intellectual property protection, patent systems, laboratory infrastructure, technology incubation support, innovation financing, and incentives for private sector participation to ensure research outputs are effectively commercialised into industries and market-ready solutions.
