To mobilize, allocate and manage financial resources to facilitate an effective national innovation system that would create required knowledge and innovations in all fields of Science and Technology for the growing economy.
The functions of NRF are stipulated in the STI Act 2013 as follows:
- Mobilize resources for the national innovation system
sfrom the Government, the private sector, venture capital, development partners and other sources.
- Prudently manage and invest the funds so mobilized.
- Support the development of human resources through grants to persons or research institutions or universities pursuing postgraduate programs in prioritized areas of science, technology, and innovation, with priority being given to marginalised indigent communities.
- Support the development of research capacities in the national priority areas of science, technology, and innovation.
- Allocate funds for research and promote multi-disciplinary collaboration among universities and research institutions,
- Evaluate the needs, status and results of research financed through the Fund.
- Provide financial support for the development of research facilities by universities, research institutions and other bodies identified by the Commission.
- Provide financial support for participation in international scientific activities through maintaining membership to appropriate international science organizations.
- Provide financial support for collaboration, co-operation and sharing of research information and knowledge., including supporting conferences, workshops, seminars, meetings, and other symposia.
- Promote the provision of an information infrastructure linking research institutions to facilitate co-operation and sharing of research information and knowledge.
- Initiate liaison with bodies involved in the protection of intellectual property rights.
- Compile and maintain a national database of research and innovation funded by the funded by the Fund as well as those funded by other agencies.
- Perform the monitoring and evaluation of the results and impact of the research activities financed out of the Fund.