Nigeria Convenes Stakeholder Meeting on Proposed Industrial Innovation Fund

On April 4th, 2025, a high-level stakeholder meeting was convened to discuss the proposed Industrial Innovation Fund (IIF), a groundbreaking N50 billion initiative aimed at bridging the gap between cutting-edge research and market-ready innovations in Nigeria.

The meeting brought together leadership from key agencies driving Nigeria’s national research and development (R&D) agenda, including:

• TETFund
• Petroleum Technology Development Fund (PTDF)
• National Agency for Science and Engineering Infrastructure (NASENI)
• National Agricultural Development Fund (NADF)
• Nigerian Content Development & Monitoring Board (NCDMB)
• Raw Materials Research & Development Council (RMRDC)

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The Industrial Innovation Fund, which will be the first of its kind in Nigeria, is designed to move innovations from the research stage to commercially viable products. The fund will be managed by the Bank of Industry (BoI), which has already committed N2 billion to kickstart pilot programmes.

During the meeting, a representative emphasised that the initiative is a significant step towards strengthening Nigeria’s National Innovation System. The goal is to forge stronger connections between research, industry, and public policy, with a focus on solving real-world problems, creating jobs, and driving inclusive economic growth.

“This initiative marks the beginning of a transformative effort to ensure that Nigerian innovations contribute meaningfully to the global market,” the speaker said.

“With our collaborative efforts, we are laying the foundation for a future where Nigerian innovations shape industries and improve lives.”

The fund is expected to provide a crucial boost to the country’s industrial and scientific capabilities, fostering greater innovation and promoting sustainable economic development.