Nigeria to create a $5 billion science fund

Nature : The Nigerian goverment is condemplating a $5 billion endowment fund for science and technology based on surplus oil revenue. President Olusegun Obasanjo gave his backing to the proposal three months ago, and a final decision wil be made before Obasanjo leaves office next spring. In an surprising move, grants will be awarded through peer review. South Africa is currently the only African country to award the majority of grants through peer review. The return on the endowment could provide Nigerian science will $500 million per year. Outside observers are worried however, of the effect of the notorious amount of corruption in the country will have on the scheme says Nature’s Jim Giles.