Towards encouraging 300 level University students and above with innovative ideas and businesses, the Federal Government has earmarked N50 million grant for them to scale up for national development.
This was disclosed by the Minister of Education, Dr Maruf Tunji Alausa, while inaugurating the Research and Innovation Commercialisation Committee in Abuja, on Wednesday.
According to him, the Student Grant Venture Capital Initiative, will be offered to outstanding students in Science, Technology, Engineering, Mathematics, and Medicine (STEMM) in Nigerian universities.
Stressing that the grant will be rolled out between September and October 2025, the Minister said that the fund is established through the Tertiary Education Trust Fund (TETFund) in partnership with the Bank of Industry (BoI).
Dr. Alausa said that the committee, headed by Dr. Tayo Aduloju, CEO of the Nigerian Economic Summit Group (NESG), will set eligibility criteria and drive the commercialisation of research outputs to boost collaboration between academia and industry.
The Minister said “As we transition from a resource-based to a knowledge-based economy, we must unleash the innate capabilities of our students,
“This grant will help tens of thousands of students with innovative ideas and businesses to scale up for national development.” he stated
Harping on the importance of translating research into market-ready products and services, the Minister said that the initiative aligns with President Bola Tinubu’s vision to boost research, innovation, and economic growth.
The committee’s role, he said, includes bridging the research-to-market gap, establishing frameworks for funding and incubation, promoting policy support for innovation financing and intellectual property rights, and fostering partnerships between researchers and industry players.
Stressing that research is critical to the sustenance of society, he said it also expand knowledge and facilitate changes in society, and should be able to address societal problems and ultimately improve the standard of living.
"Remarkably, research and innovation are the lifeline of modern economies. Nations that have achieved sustainable development and global competitiveness have done so by investing heavily in knowledge creation and, more importantly, in the effective commercialization of research outputs."
The Minister said that Nigeria is blessed with rich intellectual capital and a vibrant academic community, adding that Nigerian academics and researchers have been engaged in conducting research for decades, with some research outcomes having the potential for uptake and commercialization.
He however noted that the challenge has been in converting the wealth of research into scalable products, services, and technologies that can drive industrial growth, create jobs, and solve real-world problems.
"The weak link between academia and industry has limited Nigeria’s ability to reap the enormous benefits of the various research outcomes in the country.
"Globally, successful innovation ecosystems thrive on the synergy between academia, industry, and government – The Triple Helix Model." he stated
The constitution of the committee to drive bench-to-market research commercialization, the Minister said is a strategic initiative that aligns with the Ministry’s overarching goal of repositioning Nigeria’s higher education sector as a catalyst for national development.
He commended the Board of Trustees and the Management of TETFund for their efforts and commitment to strengthening the research and innovation landscape of Nigeria.
"Through initiatives such as this, we are laying the groundwork for a more robust, responsive, and impactful tertiary education system. I want to assure you that the Federal Ministry of Education will continue to provide the necessary support to TETFund and all stakeholders involved in this noble endeavour.
"We remain committed to supporting policies and institutional reforms that will unlock the full potential of our research and innovation ecosystem.
"Our goal is to build a knowledge-driven economy where our universities and research centres serve as hubs of technological advancement and socioeconomic transformation." Dr. Alausa said
On her part, the Minister of State for Education, Prof. Suwaiba Ahmad, commended the initiative and said it is an important milestone for Nigeria research towards building a robust and sustainable future.
She pointed out that researchers are only in Nigeria libraries and are not implemented.
Nations that recognise and implement researches, she said, can quickly reposition to knowledge driven economy.
To this end, she said that the Committee is a critical step toward promoting research commercialisation in Nigerian universities.
The Executive Secretary, TETFund, Arc. Sonny Echono, praised the Minister of Education for his massive support towards ensuring the success of the Fund's initiatives.
He said: "TETFund has championed several initiatives geared towards promoting impactful research and to facilitate the uptake of research outcomes with potential commercialization.
"I am glad that this chairman of the committee has been a partner in our efforts and our journey to try and see how we can create synergy, to be a triple-headed, to bring government, a private sector, and our academia together.
"We have been working with the communities, communities of practice, communities of business, and even the local communities where these enterprises are to help galvanize and situate research properly as the engine of growth in the economy." he stated
He urged the committee to ensure the success of the program.
In his acceptance speech, the Chairman of the Research and Innovation Commercialisation Committee, Dr. Tayo Aduloju, pledged to work diligently in creating a conducive environment for innovation and commercialisation to thrive in Nigeria.
The Committee’s Terms of Reference (ToR) are to:
i. Bridge the research-to-market gap by fostering collaboration between academia, industry, and government.
ii. Establish an enabling framework for co-creation, funding, incubation, and scale-up of innovations emerging from Nigerian tertiary institutions.
iii. Facilitate matchmaking and partnerships between researchers and industry players with a market need.
iv. Promote policy alignment that supports innovation financing, intellectual property rights, and ease of doing business.
v. Drive localization and adaptation of global technologies to solve local problems.
vi. Conduct any other activity that will facilitate the realization of the committee’s mandate.
Apart from the Chairman, other members of the Committee are: Prof Ibrahim Katampe – Member, Dr. Umar Bindir – Member, Dr. T. F. Okujagu – Member, Prof. Sydney E. B. Ibeanusi – Member, Dr. Lolade Dosunmu Adeyemi – Member.
Others are Dr Detoun Ogwu – Member, Prof. Echezona Ezeanolue– Member, Representative of FMIS&T – Member, Representative of Vice-Chancellors– Member, Representative of the Bank of Industry – Member, Representative of MAN – Member, and R&D/CE Department, TETFund – Secretariat