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TETFund Seeks Increased Annual Research Funding of $1bn
The Tertiary Education Trust Fund, TETFund, Thursday, urged the federal to increase its yearly funding for Research and Development (R&D) to $1 billion. This was as it hailed President Muhammadu Buhari for his recent increase of the research grant from N5 billion to N7.5 billion.
Prof. Suleiman Bogoro, executive secretary of TETFund, speaking at the inauguration of TETFund’s R&D Standing Committee in Abuja, said massive investment in research would bring about the much-needed development in the country.
Bogoro also said it was time for the promulgation of a law that will bring into full place what he referred to as the “National R&D Foundation (NRDF)” to deepen research in the country.
Hear him:”To galvanize our vision towards making R&D the ace and game changer in our national development agenda, the need for an appropriate law to support the establishment of a National R&D Foundation (NRDF) cannot be overstated.
“We need a robust institutional framework and arrangement for the NRDF. I am recommending a minimum annual budgetary threshold of 1billion dollars as the funding portfolio for this Foundation.
“When we consider the inevitable benefits of R&D and the inevitable benefits of R&D and the socio-economic challenges in Nigeria, this amount begins to look like a drop of water in the ocean-population of 200 million people in 2020 and projected to become double in 10 years for now.”
Prof. Bogoro, who said the TETFund’s R&D Standing Committee is expected to come up with its own recommendation on the required amount that is suitable for efficient research activities in the country, called for a robust collaboration between researchers and the private sector to bring about all-round development in the country.
“It is envisaged that the private sector of the economy should pick the gauntlet to steamroll the lofty initiative by taking ownership of it,” he said.
Prof. Bogoro lauded the recent performance of Nigerian universities in the world’s ranking, saying TETFund intervention projects have continued to encourage such feats.
On his side, Minister of Education, Malam Adamu Adamu, while inaugurating the committee, called on members to put their best to the work he described as ‘national assignment.’
Represented by the Minister of State for Education, Hon. Chukuemeka Nwajuiba, Adamu said that 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.
“It is in recognition of this direction that the Executive Secretary, TETFund, presented his vision of a research-driven nation and how to finance that ambition through the Board of Trustees (BOT).
“To a large extent, Nigeria’s future depends on you. You have been summoned to a national service that is not available to the rest of the 200 million population. It is a national calling that requires almost all of you,” he said.
On his part, the Chairman, House Committee on Tertiary Education and Services, Hon. Aminu Suleiman said the work of the committee would open the windows of opportunities to tackle various developmental challenges confronting the country.
Suleiman, represented by Hon. Ikenna Elezieanya, lamented the way Nigeria has shown less concern to research, saying that many developed countries invested in research and development and thus helped to improve on their economy.
He said, “Research is the gateway of innovation. It is said that while countries like the USA, Korea, and the like have been investing in research and development, we seem to show less concern.”
He encouraged beneficiaries to take good advantage of the initiative to solve problems for the betterment of the country.
Responding, the Chairman of the over 160-member TETFund’s R & D Committee, Prof. Njidda M. Gadzama, said the epoch-making event will transform the socio-economic sector by ensuring the robust promotion of cutting-edge innovations.
“We promise to carry out our assignment with commitment and diligence and this will result in the R & D Culture and R&D Foundation to drive industrialization of the country,” he said.
The standing committee whose membership is drawn from the academic, industry, and private sector, has the President of the Manufacturers Association of Nigeria, MAN, Mansur Ahmed, as one of the three Vice Presidents.
Nigerian Education Loan Fund (NELFUND) said it has commenced moves to ensure that its website was linked to the portals of institutions to enable ease of verification.
Mustapha Iyal, executive director, Operations of NELFUND, made this known during a sensitisation programme at the University of Ilorin for higher institutions in Kwara state recently.
Sharing more insight on the update, Iyal said: “We observed that one of the problems we are having is the problem of verification. So what NELFUND is trying to do is that we want to engage the institutions directly by linking the NELFUND activities on the institutional portals so by doing that when a student is trying to do registration in school, they can select whether they want to pay via NELFUND, cash or other means.
“So if the student opts to pay with NELFUND, they will fill in the application with their details which are already on the institutional portals so they don’t have to go to the NELFUND portal. That is the kind of portal we are looking at. We want to create a synergy.”
Speaking further on complaints raised by students of beneficiary institutions in Kwara state, the NELFUND official said the organisation has commenced work on issues raised.
He said: “On the issues raised by the students, we are working on ways to make the whole process seamless. We have already started working on the issues. We work 24 hours and we are always there for the student.”
Also speaking, Umar Farouk, a representative of the National Association of Nigerian Students on the NELFUND board, lauded the move by the administration of President Bola Tinubu to establish the student loan initiative.
According to Farouk, the move will further encourage indigent students to have access to higher education.
He stated: “One of the campaign promises of the President is the student loan and I am happy to say that the student loan fund is here to stay. Nigerians can now understand that children of nobodies can now access higher education easily. With access to student loan, everyone now has the ease to go to school.”
The implementation of the student loan scheme is President Bola Tinubu’s flagship project in the education sector.
Operators in the insurance sector have been advised to have a rethink on their traditional approaches to business and embrace change with agility and the wave of digital transformation in modern business. Doing so, he stated, will enable them remain relevant and competitive in the business world.
The Chairman, Nigeria Insurers Association (NIA), Mr Kunle Ahmed, gave the advice at the 2025 Insurance Chief Executives’ retreat organised by the insurers in Lagos.
Speaking on the relevance of the theme of the year’s retreat, “Digital Disruption and Social Innovation: Reshaping Our Traditional Models,” Ahmed said, “As we discuss digital disruption, I urge you to consider the following questions: how can we leverage technology to better understand and serve our customers, how can we harness the power of data to drive decision-making and innovation, most importantly, how can we create a seamless and integrated digital experience that not only meets but exceeds customer expectations?”
He said equally important was the role of social innovation in reshaping the insurance industry, adding that as insurers, operators have responsibility to address the evolving needs of their diverse communities and ensure that their services were inclusive, accessible, and beneficial to all.
“Social innovation challenges us to think beyond profit margins and focus on creating positive social impact. Inclusive insurance, for instance, aims to provide financial protection to underserved and vulnerable populations. By developing products that cater to the unique needs of these communities, we can foster financial inclusion and resilience. Similarly, sustainable insurance practices can help mitigate the impacts of climate change and promote environmental stewardship,” he said.
He urged the insurers that as they explore the concept of social innovation, they should reflect on how to design insurance products that were not only profitable but also socially impactful.
He further said they should think about how to engage with stakeholders to drive collective action towards sustainability as well as how to measure and communicate the social and environmental benefits of their initiatives.
Ahmed told the insurers that the journey of digital disruption and social innovation was not one that they could embark on alone, adding that it required collaboration, partnership, and a shared vision for the future.
He said as industry leaders, they must work together to foster a culture of innovation, openness, and continuous learning.
In a major stride toward fostering innovation and collaboration, the UK and Nigeria have officially launched the Creative Industries Technical Working Group, marking a pivotal development in the UK-Nigeria Enhanced Trade and Investment Partnership (ETIP). This partnership aims to deepen bilateral ties and create a robust framework for growth within the creative sectors of both nations.
L-R: UK Head of Trade Policy for Nigeria (DBT), Mujina Kaindama; Country Director, UK’s Department for Business and Trade (DBT), Mark Smithson; UK’s Trade Envoy to Nigeria, Florence Eshalomi MP; Special Assistant to the President of Nigeria on Creativity, (representing Director General of the National Council for Arts and Culture, Obi Asika) Prince Baba Agba; and the Special Assistant to the President of Nigeria on Digital and Creative Economy, Fegho Umunubo at the launch of the Creatives Working Group, yesterday in London.
The launch of this Working Group and a match-making event for UK-Nigeria creatives industries leaders today in London, represents a milestone in the UK-Nigeria relationship, designed to boost innovation, cross-border creative collaborations, and drive sustainable economic growth and development.
Both events provided a dynamic platform to explore new opportunities and form commercial alliances within key creative subsectors such as Film and TV, Music, Fashion & Design,mArchitecture, Advertising, and Gaming.
By prioritising collaboration and cultural exchange, the initiative is poised to foster long-term growth, enhance job creation, and unlock new pathways for creativity and innovation in both countries. A Terms of Reference and joint workplan for 2025 were also agreed upon to guide the Group’s focus and efforts.
Speaking on the significance of the launch, Florence Eshalomi MP, the UK’s Trade Envoy to Nigeria and Co-Chair of the UK-NG Creatives Technical Working Group, remarked:
“Today marks a significant moment as we launch the UK-Nigeria Creatives Working Group. Our nations share a rich cultural bond and a deep belief in the transformative power of creativity, through music, film, fashion, and arts.
“This initiative, rooted in our landmark Enhanced Trade & Investment Partnerships (ETIP), will drive stronger trade ties, foster deeper collaboration, and unlock the full potential of our creative industries.
“By enhancing market access and investing in skills, we are opening doors to new opportunities that will create jobs and boost economic growth in the UK and in Nigeria.”
Emphasising the need for deeper creative and cultural ties, Mr. Obi Asika, Director General of the National Council for Arts and Culture and Co-Chair of the UK-NG Creatives Technical Working Group in Nigeria, said:
“Nigeria’s creative economy is a global force, driven by our storytellers, musicians, designers, and digital innovators. From Nollywood to Afrobeats, fashion to gaming, our industries are reshaping global culture and commerce. However, to unlock the full potential of this sector, we need strategic investment and support not just in talent, but in the institutions and infrastructure that will sustain long-term growth.”
Representing Mr., Obi Asika from the Nigerian side, Prince Baba Agba, Special Assistant to the President of Nigeria on Creativity, underscored the importance of leveraging UK expertise for impactful collaborations:
“The UK’s creative industries stand as a global benchmark for institutional excellence, market distribution, and innovation. We are eager to tap into your expertise for meaningful partnerships. This Working Group isn’t just about discussions – it’s about taking concrete actions that will yield tangible outcomes for creators, businesses, and industry stakeholders on both sides.”
Also speaking on behalf of the music industry, Adedayo Ayoade, Product Lead at Gbedu Labs, said:
“The future of Nigeria’s music industry lies in live experiences, innovation, and global collaborations. The launch of the Creative Industries Technical Working Group, under the ETIP framework, represents a significant first step towards bridging cultures and amplifying the voices of the next generation.”
The launch of the Working Group and match-making event which took the form of a series of in person dialogues attended by officials from the UK and Nigerian
governments as well as creatives and served as an institutional framework for deliberations and actions.
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