Minister Targets N500bn Revenue Generation From Research & Development Investments

The Minister of Innovation, Science, and Technology, Dr Kingsley Tochukwu Udeh, has reiterated Nigeria’s commitment to wealth creation with massive investment in the country’s Research and Development (R&D) to generate N500 billion through innovation-driven enterprises.

The minister stated this when he received a delegation from the Massachusetts Institute of Technology (MIT) Kuo Sharper Centre for Prosperity and Entrepreneurship and the accomplished Foundry Fellows, Africa’s leading Entrepreneurs and ecosystem builders, in Abuja yesterday.

Dr Udeh told his audience that Nigeria’s vision in the ecosystem is to translate knowledge into tangible wealth and well-being for every Nigerian, adding that the country is ready for a cross-continent and strategic collaboration to actualise this objective.

Under the policy of innovation–driven Enterprises and Opportunities, the minister noted that the government aims to create 500,000 new skilled jobs and support 10,000 innovation-driven enterprises to drive sustainable growth and inclusive prosperity for all Nigerians.

He said, “We are moving decisively away from a resource-dependent model toward an innovation-driven growth model that prioritises homegrown talent in Science, Technology, Engineering and Mathematics (STEM) and creative fields.”

He said further that Nigeria’s R&D model aligns with national priorities and indigenous innovation that leverage local resources to produce Made-in-Nigeria goods that will be globally competitive, thereby adding value to the Nigerian economy and boosting foreign exchange.

Udeh noted that Nigeria focuses on energy transition and green industrialisation, food security and agriculture technology, health innovation and pharmaceutical sovereignty, digital transformation and emerging technologies as well as defense and security technologies.

The minister emphasised the efforts to bridge the gap between research and market, stressing that this challenge is being addressed as the Ministry is developing a National Policy on Commercialisation of Research and Development Results, Inventions and Inventions (2026).

According to him, “This policy marks a strategic shift from supply-push to a demand-led commercialisation ecosystem.”

He urged the Foundry Fellows to partner with Nigerian innovations through technology transfer, co-development and investment.

Leader of the Delegation, Dina Sherriff lauded the efforts of the Nigerian government and pledged to strengthen collaboration with the Ministry to enhance Nigeria’s productivity.