By Emmanuel Nduka
The Nigerian Content Development and Monitoring Board (NCDMB) on Tuesday informed that it would support Nigerians with research findings capable of solving critical problems in the economy, with a $50 million Research and Development fund.
This was disclosed by the Executive Secretary of the NCDMB, Engr. Simbi Wabote at a media briefing in Lagos towards the second edition of the Board’s R&D Fair and Conference.
Wabote who expressed worry that a lot of research findings should have been commercialised to benefit mankind, proposed that this was the narrative that the Board intends to change, going forward.
He noted that a major drawback to R&D in the country, has always been lack of funding. He recalled that years ago in the University, international institutes moved in to fund research because they were convinced that Nigeria had the best brains.
“But today, most of those research grants are drying up because they no longer fund them. That is why NCDMB decided to make available this fund. So it is a huge incentive because that is what researchers actually need,” he lamented.
The NCDMB boss further hinted that the $50 million R&D fund was part of strategies aimed at supporting the Board’s aspiration of meeting 70 percent local content by 2027, adding that the NCDMB has placed high premium on R&D oversight as a critical enabler in achieving its set targets.
While assuring that the fund would be accessible by Nigerians within and outside the country, the ES added that the research solutions is not restricted to Oil and Gas alone, but to any of the challenges confronting the nation in all sectors.
Heritage Times had reported that the NCDMB recently announced panelists for the 2nd edition of the R&D Fair and Conference slated for September 9.