FG to launch $50m research fund for oil, gas industry Sept 9

Minister of state for petroleum resources, Timipre Sylva has announced that he will launch the $50 million research and development (R&D) fund utilisation protocol for the oil and gas industry.

This was announced by Nigerian Content Development and Monitoring Board (NCDMB) executive secretary during a press conference in Lagos on Tuesday.

Wabote said the launch will be carried out during the NCDMB’s second edition of the Nigerian content R&D fair which will be held in Bayelsa state on September 9, 2021.

He said the $50 million fund will be used to support research findings that have practical utilisation and have capability of being commercialised and applied to solve teething problems in the economy.

Wabote explained that for any researcher to benefit from the fund, the individual or institution would have to go through a rigorous process of proving the relevance of the research and the commercial viability.

He added that the initiative did not require any collateral or guarantee.

He also said Sylva will launch the NCDMB 10-year R&D roadmap, and commission the technology innovation and incubation centre.

Wabote said the centre was established to facilitate innovation and incubation of ideas for market adoption.

The executive secretary said NCDMB placed high premium on R&D as a critical enabler in achieving the target of 70 percent local content by 2027.

He added that the event would feature presentations of research breakthroughs, panel discussions on R&D pillars of success, and a special feature on how Nigeria can adopt a sustainable acceleration program for launching innovative ideas into the market.

Wabote further said since the first edition of the fair held in 2017, NCDMB has made significant accomplishments including signing a memorandum of understanding to establish R&D centres of excellence in five universities.


Follow Us on Google News

Get News Via Whatsapp

Get Updates Via Telegram

Got news tip? send us story


Leave a comment