The Nigerian Content Development and Monitoring Board has stated that its $50 million research and development fund has been supporting initiatives within the oil and gas sector.
The Executive Secretary of NCDMB, Felix Ogbe, made this known on Wednesday at the SciBiz 2024 annual conference, organised by Triple Helix Nigeria in Abuja.
The event was themed: “Integrating Research, Innovation, and Policy: Triple Helix Pathway to Research Commercialisation.”
Ogbe, represented by the General Manager of Research and Development, Silas Ajimijaye, noted that the Triple Helix model—collaboration between academia, industry, and government—provides an appropriate international business framework for demonstrating how research can be transformed into new products and services.
He stressed that funding is crucial for any meaningful and sustainable initiative, which was why the much-needed fund was established in 2020.
The Executive Secretary underscored the importance of harnessing the expertise, leading technologies, and best practices of international experts and institutions to strengthen Nigeria’s research and innovation potential.
He described partnerships as a strategic approach to enhancing local efforts, enabling Nigeria to become a key player in global innovation.
“Strategically, the Triple Helix model of academia, industry, and government collaboration is an appropriate international business framework for expressing ideas about how research can be turned into new products and services,” he said.
“One avenue through which NCDMB exercises this mandate is by applying local content development to enhance research and the commercialisation of innovative solutions for Nigeria’s oil industry.
“So, we have the $50 million Nigeria Content Research and Development Fund, created by the Board in 2020. It is designed to provide the much-needed research funding within the oil and gas research and development space.”
Ogbe also mentioned that more impactful research projects will be onboarded in the upcoming months, in addition to the 14 applied research projects currently sponsored at various stages of technological readiness.
He urged participants to explore more collaborative opportunities to develop strategies that would drive progress.
In his opening remarks, the President of Triple Helix Nigeria, Abdulmalik Halilu, emphasised the importance of research commercialisation, describing it as the “official step in advancing the conversation around research.”
He noted that the purpose of the conference is to ensure that research does not remain confined to academia but is translated into practical innovations that solve real-world problems.
He cited the World Intellectual Property Organisation, which noted that Nigeria’s annual patent applications had risen from fewer than 100 in 2016 to over 400 in 2023.
According to him, this significant growth suggests that with the right policy environment, Nigeria has the potential to transform universities into solution-based entrepreneurial centres of excellence.
“In this era of continuous consolidation, the vision of the university has fundamentally shifted. The role of universities is no longer confined to educating minds or advancing theoretical knowledge,” he said.
“We now recognise that universities play a central role in the commercialisation of research, turning knowledge into tangible progress that drives economic growth.
“The transition from educational research to commercialisation stems from an evolving frontier where academia, industry, and government collaborate under the Triple Helix model to ensure research transcends the boundaries of laboratories and classrooms, solving real-world problems and fostering economic prosperity.”
Halilu, who is also the Director of Monitoring and Evaluation at NCDMB, cited global examples where universities, backed by major multinationals, take equity stakes in startups evolving from their research, thereby creating revenue-generating opportunities for the institutions.
“Our universities must not only produce quality academic qualifications but also turn research outcomes into products that create new businesses and generate returns for the university,” Halilu added.
Speaking about research presentations and submissions, Eucharia Nwaichi, Chair of the Planning Committee for the Triple Helix Conference, said over 158 authors submitted 47 high-quality papers.
Nwaichi explained that the papers represent a framework that positions academia, industry, and government as pivotal players in driving sustainable development.
According to her, contributors to the conference were drawn from the six geopolitical zones of Nigeria and the diaspora.
“We received an 8 per cent contribution from the diaspora. From the South-East of Nigeria, we had a 5 per cent contribution, and from the South-South zone, a remarkable 60 per cent,” she said.
“We received 8 per cent from the South-West, 16 per cent from the North-Central, 3 per cent from the North-East, and 15 per cent from the North-West.
“This diversity highlights the national relevance of the conference and underscores the importance of engaging stakeholders from every corner of Nigeria, including the diaspora.
“In terms of Triple Helix representation, the breakdown of paper contributors is: academia, 55 per cent; industry, 31 per cent; and government, 14 per cent.”