Abuja – 3 July 2025
The Federal Government has officially inaugurated the Ministerial Research and Innovation Commercialisation Committee (RICC), a strategic body aimed at transforming academic research outputs into commercially viable innovations to drive Nigeria’s knowledge economy.
Speaking at the inauguration ceremony in Abuja, Minister of Education, Dr. Maruf Tunji Alausa, described the initiative as a pivotal step in aligning Nigeria’s higher education and research sectors with the realities of the global economy.
“This move is about converting the wealth of academic research in our institutions into economic value. We must turn ideas into solutions that create jobs, attract investment, and solve local and global problems,” he stated.
The RICC will operate on the Triple Helix Model, a collaborative framework bringing together academia, industry, and government to commercialise research, finance innovation, and protect intellectual property rights. Dr. Alausa commended the Tertiary Education Trust Fund (TETFund) for its substantial investment in laboratories, simulation centres, and renewable energy infrastructure that will support this agenda.
A key highlight of the event was the announcement of a new Student Venture Capital Grant Scheme, designed to support innovation by undergraduate students from 300 level and above. The scheme, which will be launched by TETFund in partnership with the Bank of Industry, will offer grants of up to ₦50 million for promising projects. The initiative will go through a rigorous four-stage evaluation process, with disbursement expected by September or October 2025.
Minister of State for Education, Prof. Suwaiba Sa’id Ahmad, called on Nigerian researchers to shift focus from academic publishing alone to innovation that solves real-world problems. She stressed the importance of developing industry-ready solutions and forging stronger ties between universities and private enterprises.
Dr. Tayo Aduloju, CEO of the Nigerian Economic Summit Group (NESG) and Chair of the RICC, underscored the urgency of action. He proposed the establishment of a National Innovation Forum to align research efforts across sectors and consolidate innovation ecosystems nationwide.
The RICC is part of the Renewed Hope Agenda, aimed at positioning Nigeria as a research-driven and innovation-led economy with sustainable, inclusive growth.
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