Home » LOCAL CONTENT » FG and NCDMB Set Aside $50 Million for R&D Commercialization

FG and NCDMB Set Aside $50 Million for R&D Commercialization

………….Ben Ndubuwa, Yenagoa……
Minister of State for Petroleum Resources, Timipre Sylva, yesterday, said that the Federal government through the Ministry of Petroleum Resources and the Nigeria Content Development Monitoring Board (NCDMB) have set aside $50 million for the Commercialization of Research and Development in-country particularly from the nation’s tertiary institutions.

Sylva, who spoke at the second Nigeria Content Development and Monitoring Board (NCDMB) Research Development Fair and Conference held in Yenagoa, Bayelsa State explained that this money will be an initial seed capital for R&D Commercialization.and also for the establishment of research centres of excellence.

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, adding that the fund would also support basic, applied research and endowment of the professorial chair.

He said although the fund was insufficient, it however shows the premium the President Muhammadu Buhari administration placed on developing the nation’s research and development capacity.

“I encourage the private sector to replicate the global practice by complementing the Nigerian Content Research & Development Fund and actively support government’s drive in boosting national research.

“Following forensic analysis of the research ecosystem and anticipation of the industry, NCDMB has developed a 10-year R&D roadmap to set the agenda for its interventions on R&D.

“The roadmap is anchored on funding, infrastructure, capability, commercial framework, collaboration, governance, legal framework, and enforcement.

“If collectively implemented, the roadmap will position our industry on the path of sustainable assimilation of products of Research in oil and gas operations.” he said.

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