•Minister of Education, Dr Olatunji Alausa
The federal government today announced a N50 million student grant venture capital initiative to support efforts in making some outstanding student-led innovations and enterprises in Nigeria’s tertiary institutions market-ready.
This is even as the federal government has inaugurated a high-powered ministerial committee to drive the commercialisation of research outputs from Nigeria’s tertiary institutions, reports Nigerian Tribune.
Minister of Education, Dr Olatunji Alausa, speaking at the inauguration of the committee in Abuja, explained that the capital venture grant for outstanding students would be anchored by the Tertiary Education Trust Fund (TETFund) in partnership with the Bank of India.
He added that this was specifically targeted at undergraduate students in 300-level and above, with viable business models and innovations ready for market expansion.
“We have hundreds of thousands of young geniuses across our institutions. This fund is designed to unlock their potential and help them build globally competitive enterprises,” the Minister said.
Alausa, while inaugurating the Research and Innovation Commercialisation Committee (RICC), said the initiative aims to bridge the gap between academia and industry by turning homegrown research into commercially viable products and services.
The committee, chaired by Dr. Tayo Aduloju, CEO of the Nigerian Economic Summit Group (NESG), has other members like Prof. Ibrahim Katampe, Dr. Umar Bindir, Prof. Sydney Ibeanusi, Dr. Detoun Ogwu, and representatives from the Federal Ministry of Science and Technology, the Bank of Industry, Manufacturers Association of Nigeria (MAN), and Nigerian universities, among others.
According to the minister, the development is aligned with President Bola Ahmed Tinubu’s Renewed Hope Agenda of transitioning Nigeria from a resource-based economy to a knowledge-driven one.
Alausa added that research is critical to the sustenance of society, saying that besides expanding knowledge and facilitating changes in society, research should be able to address societal problems and ultimately improve the standard of living.
“Nations that have achieved sustainable development and global competitiveness have done so by investing in knowledge creation and, more importantly, in the effective commercialisation of research outputs,” he said.
Alausa said the Ministry, through the Tertiary Education Trust Fund (TETFund), has already rolled out several impactful projects to boost research, including the provision of central multipurpose laboratories, alternative energy for campuses, and medical simulation centres.
However, he acknowledged that despite a vibrant academic community and decades of groundbreaking research, the country still struggles to scale innovations into real-world solutions.
“The weak link between academia and industry has limited our ability to reap the enormous benefits of research. This committee will serve as a strategic bridge between both worlds.
“The commercialisation of research outputs will not only generate revenue for institutions and researchers but will also enhance Nigeria’s self-reliance, improve the innovation index, and attract international investments,” Dr. Alausa added.
On her part, the Minister of State for Education, Prof. Suwaiba Said Ahmad, described the inauguration as a landmark moment in Nigeria’s education and innovation history.
“For too long, research in our tertiary institutions has been reduced to tools for promotion rather than solutions for development. This must change,” she said.
In his response, the committee chairman, Dr. Aduloju, described the RICC as “a matter of national urgency,” noting that Nigeria’s research investment as a percentage of GDP is among the lowest when compared to peer nations.
“If Mr. President’s ‘Nigeria First’ policy is to truly drive transformation, then innovation capital must lead the charge,” he said.
Aduloju also stressed the importance of building inter-ministerial collaboration and involving sub-national governments in the innovation process, calling for the minister’s support in convening a national innovation forum that would bring in all relevant ministries and state actors.
“The private sector has been disconnected for too long. We are committed to building institutional linkages that last beyond this committee’s lifespan,” he affirmed.
