The limited development of Nigeria’s industry is a consequence of low utilisation of capacity. This can be traced to the low industrial utilisation of engineering research and development (R&D) results. This poses serious concerns to the profitability of resources invested in research programmes. R&D is crucial to nation’s technological and economic development. This paper examines the economic values of technological advancements in terms of innovation, invention, and diffusion. It highlights the need for commercialisation and industrial utilisation of R&D results in Nigeria. The nature of R&D is stressed. It also shed light on stages in commercialisation and industrial utilisation of R&D results. The report finally lay emphasis on the problems affecting commercialisation and industrial utilisation of R&D results and strategies that can help to successfully commercialise, industrial utilise R&D results to produce new or improved products and services in Nigeria are suggested.
Keywords: Job creation, Commercialisation, Industrial utilisation, Engineering R&D results, Nigeria.