Tertiary Education Trust Fund. (TETFund) says increasing domestic investment in research would fast track development in the country.
Therefore, the University support fund now wants the federal government to increase its annual funding for Research and Development (R&D) to 1 billion dollars per annum.
In other words, Speaking at the inauguration of a TETFUND standing committee on Research and Development, Executive Secretary, Prof. Suleiman Bogoro, 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 R&D Foundation (NRDF) to deepen research in the country.
“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.
The R&D Standing Committee is expected to come up with recommendations on the required amounts suitable for efficient research activity in the country.
However, Inaugurating the Committee, Minister of Education, Malam Adamu Adamu. Charged members of the committee to put their best to the national assignment.
After that, Represented by the Minister of State for Education, Hon. Chukuemeka Nwajuiba, Adamu. Said that continued investment in research would herald a rebirth of Nigeria.
Similarly, “Nigeria voted us into power, predicated on our being able to transform our national aspirations. And make them a national achievement.
Meanwhile, 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 to improve their economy.
In conclusion, He tasked beneficiaries of research grants to take advantage of the initiative to solve problems for the betterment of the country.