The Federal Government has inaugurated the Ministerial Research and Innovation Commercialisation Committee (RICC) as part of efforts to bridge the gap between academic research and marketable innovations that can power the nation’s economy.
Speaking at the inauguration held in Abuja on July 3, 2025, the Minister of Education, Dr. Maruf Tunji Alausa, described the initiative as a strategic step toward creating a knowledge-based economy driven by indigenous solutions.
“This is about converting research outcomes into real, scalable economic solutions. Our universities must become centres of not only knowledge but innovation,” Dr. Alausa stated.
He commended the Tertiary Education Trust Fund (TETFund) for its continued investments in modern research infrastructure, including laboratories, simulation centres, and renewable energy projects.
The newly formed committee is designed around the Triple Helix Model, which emphasizes collaboration between academia, industry, and government. Its core goals include the commercialisation of academic research, funding innovation, and safeguarding intellectual property.
Dr. Alausa also announced a forthcoming Student Venture Capital Grant Scheme, to be launched by TETFund in partnership with the Bank of Industry. Targeted at students from 300 level and above, the initiative will offer grants of up to ₦50 million for high-potential projects. He said the selection will undergo a rigorous four-stage evaluation process, with disbursements expected between September and October 2025.
Minister of State for Education, Prof. Suwaiba Sa’id Ahmad, emphasized the need for a cultural shift in academia—from focusing solely on publishing papers to driving real-world innovation and job creation. “Our research must translate into impact. Stronger collaboration between the ivory tower and industry is critical,” she urged.
Chairman of the Committee, Dr. Tayo Aduloju of the Nigerian Economic Summit Group (NESG), called for swift implementation and proposed a National Innovation Forum to better align and coordinate the country’s innovation ecosystem.
The RICC is seen as a major pillar in delivering on the Renewed Hope Agenda, which aims to transform Nigeria into a research-led, innovation-powered economy.
