The Federal Government has advised all agricultural research institutes and federal colleges of agriculture in the country under the coordination of the Agricultural Research Council of Nigeria (ARCN) to establish spinoff companies to market their innovations.
The Minister of Agricultural and Food Security, Sen. Abubakar Kyari, gave the advice at the ARCN Reform Workshop for Chief Executive Officers of National Agricultural Research Institutes, Federal Colleges of Agriculture and Directors Of ARCN on Friday in Abuja.
Sen Kyari said that the Federal Government of Nigeria was insisting on the implementation of ARCN Act 2021, which allows the research institutes and federal colleges of agriculture to set up companies to commercialise research findings and innovations.
“This amendment made provisions for efficient management of research and training including the establishment of spinoff companies to commercialize research products and innovations generated by our institutions.
“You must therefore strengthen this platform as a means of increasing the internally generated revenue of your institutions in order to augment the available funds for research, training and extension activities,” he said.
The minister said it is the vision of the Tinubu administration to deploy positive initiatives within the confines of the law to ensure stability and a favourable environment for all institutions under the purview of the Federal Ministry of Agriculture and Food Security to deliver their mandates of moving Nigeria’s agricultural sector forward.
