The Tertiary Education Trust Fund (TETFund) and the Federal Ministry of Science and Technology have signed a Memorandum of Understanding to boost research and development in the country so as to promote national development.

Speaking during the ceremony on Tuesday, the Executive Secretary of Tertiary Education Trust Fund (TETFund), Prof. Elias Sulaiman Bogoro, said that the Federal Government released N5billion last year to his agency to fund research and expressed hope that the grant will be increased to further enable it intensify on funding more research.

He also said that Science, Technology, Engineering and Mathematics (STEM) is the nerve center for developed nations and for Nigeria to achieve development, STEM subjects must be embraced by students and researchers.

In his response, the Minister of Science and Technology Dr. Ogbonnaya Onu, said the signing of the MoU was part of efforts to deepen a knowledge and innovation-driven economy, adding that research agencies will greatly benefit from the development.

Dr Onu also expressed hope that the newly signed MoU will cement synergy between research agencies and academic institutions to the overall benefit of Nigeria.

He explained that research institutes will now avail their research equipment and findings to the universities so as to enhance academic excellence and outputs.

The Minister said increased funding for researchers in the agencies will discourage Nigerians from patronising imported herbs as Nigerians have more than enough herbal resources that are lying fallow.