The Tertiary Education Trust Fund (TETFund) has called on the Federal Government to increase its annual funding for research and development to $1 billion per annum.
The agency noted that increasing domestic investment in research would fast-track development in the country.
Executive Secretary of TETFund, Prof. Suleiman Bogoro, who made the appeal while inaugurating a standing committee for research and development, commended the government for the recent increase in research grants to N7.5 billion from N5 billion.
Prof Bogoro also called for the promulgation of a law to bring into full force a National Research and Development Foundation (NRDF) to deepen research in the country.
He said: “To galvanise our vision towards making research and development the ace and game-changer in our national development agenda, there is a need for an appropriate law to support the establishment of a National NRDF.
“We need a robust institutional framework and arrangement for the NRDF. I am recommending a minimum annual budgetary threshold of $1billion as the funding portfolio for this foundation.”
The R&D Standing Committee is expected to come up with recommendations on the required amounts suitable for efficient research activity in the country.
Education Minister, Adamu Adamu, while inaugurating the committee, charged members to put in their best.
Represented by the Minister of State for Education. Chukuemeka Nwajuiba, Adamu said continued investment in research would herald a rebirth of Nigeria.
“Nigeria voted us into power predicated on our being able to transform our national aspirations and make them a national achievement.
Chairman, House Committee on Tertiary Education and Services, Aminu Suleiman said the work of the committee would open windows of opportunities to tackle various developmental challenges confronting the country.
He lamented the poor attention given to research in the country, saying many developed countries invested in research and development to improve their economy.
He tasked beneficiaries of research grants to take advantage of the initiative to solve problems for the betterment of the country.