The federal government has inaugurated the Ministerial Research and Innovation Commercialisation Committee (RICC) to bridge the gap between academic research and market-ready innovations — a move the Minister of Education, Dr. Maruf Tunji Alausa, described as a strategic step toward building a knowledge-driven economy rooted in indigenous innovation.
This was disclosed in a statement signed by Boriowo Folasade, Director of Press and Public Relations at the Federal Ministry of Education, on Thursday.
Dr. Alausa underscored the importance of converting research outputs into scalable economic solutions and highlighted the critical role of higher education in driving national development.
The RICC, anchored on the Triple Helix Model, is designed to foster collaboration among academia, industry, and government to commercialise research, finance innovation, and protect intellectual property. The minister commended the Tertiary Education Trust Fund (TETFund) for its ongoing investments in research facilities, including laboratories, simulation centres, and renewable energy projects.
He also announced plans for the upcoming launch of a Student Venture Capital Grant Scheme under TETFund, which will provide up to ₦50 million for innovative student projects at 300 level and above. The initiative, in partnership with the Bank of Industry, will follow a four-stage evaluation process, with disbursement expected by September or October 2025.
Minister of State for Education, Prof. Suwaiba Sa’id Ahmad, called for a shift from academic publishing to real-world innovation and job creation, urging stronger partnerships between academia and industry.
RICC Chair, Dr. Tayo Aduloju of the Nigerian Economic Summit Group (NESG), emphasised the urgency of translating research into economic impact and proposed the creation of a National Innovation Forum to coordinate innovation efforts nationwide.
The RICC supports the Renewed Hope Agenda, aiming to transform Nigeria into a research-driven, innovation-powered economy.
