The Federal Government on Wednesday announced a N50 million student grant venture capital initiative to support efforts in making some outstanding student-led innovations and enterprises in Nigeria’s tertiary institutions market-ready.
This is even as the Federal Government has inaugurated a high-powered ministerial committee to drive the commercialisation of research outputs from Nigeria’s tertiary institutions.
Minister of Education, Dr Olatunji Alausa, speaking at the inauguration of the committee in Abuja, explained that the capital venture grant for outstanding students would be anchored by the Tertiary Education Trust Fund (TETFund) in partnership with the Bank of India.
He added that this was specifically targeted at undergraduate students in 300-level and above, with viable business models and innovations ready for market expansion.
“We have hundreds of thousands of young geniuses across our institutions. This fund is designed to unlock their potential and help them build globally competitive enterprises,” the Minister said.
Alausa, while inaugurating the Research and Innovation Commercialisation Committee (RICC), said the initiative aims to bridge the gap between academia and industry by turning homegrown research into commercially viable products and services.
The committee, chaired by Dr. Tayo Aduloju, CEO of the Nigerian Economic Summit Group (NESG), has other members like Prof. Ibrahim Katampe, Dr. Umar Bindir, Prof. Sydney Ibeanusi, Dr. Detoun Ogwu, and representatives from the Federal Ministry of Science and Technology, the Bank of Industry, Manufacturers Association of Nigeria (MAN), and Nigerian universities, among others.
According to the Minister, the development is aligned with President Bola Ahmed Tinubu’s Renewed Hope Agenda of transitioning Nigeria from a resource-based economy to a knowledge-driven one.
Alausa added that research is critical to the sustenance of society, saying that besides expanding knowledge and facilitating changes in society, research should be able to address societal problems and ultimately improve the standard of living.
“Nations that have achieved sustainable development and global competitiveness have done so by investing in knowledge creation and, more importantly, in the effective commercialisation of research outputs,” he said.
Dr. Alausa said the Ministry, through the Tertiary Education Trust Fund (TETFund), has already rolled out several impactful projects to boost research, including the provision of central multipurpose laboratories, alternative energy for campuses, and medical simulation centres.
(Tribune)
