10 Sep Ministry floats $50m Nigerian content research, development fund
Minister of State for Petroleum Resources, Timipre Sylva, yesterday, announced the creation of the Nigerian Content Research and Development Fund with an initial seed capital of $50 million.
Sylva, who spoke at the second Nigeria Content Development and Monitoring Board (NCDMB) Research Development Fair and Conference, said the fund was meant for the establishment of research centres of excellence and funding support for research commercialisation.
The minister, who was represented by the Permanent Secretary of the ministry, Dr. Nasir Sani-Gwarzo, also unveiled a 10-year Research and Development (R&D) roadmap, sad that the fund would also support basic, applied research and endowment of the professorial chair.
He said although the fund was insufficient, it betrayed the premium the President Muhammadu Buhari administration placed on developing the nation’s research and development capacity.
In his presentation, Executive Secretary of NCDMB, Simbi Wabote, said R&D was pivotal to the growth and development of any nation and the evolution of mankind.
He said from time immemorial, R&D always played a crucial role in opening up new chapters of modern life.
Bayelsa State Governor, Douye Diri, in his address, urged the International Oil Companies (IOCs) to relocate their headquarters to the state without further delay.
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