TheCable

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

Simbi Wabote, Nigerian Content Development and Monitoring Board (NCDMB) executive secretary, announced this 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, adding 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.