Olatunji Alausa, the minister of Education, has called for a comprehensive reform of financial support systems to better empower Nigerians, particularly the youths, in establishing small and medium enterprises (SMEs) centered around home-grown technologies.
Alausa made the call at the inaugural TETFund National Research Fair in Abuja on Monday. He emphasized that such reforms are critical to the successful realization of President Bola Ahmed Tinubu’s Renewed Hope Agenda.
In his address, the minister urged financial institutions, including commercial banks, to align their strategies with the government’s vision for economic transformation by providing targeted funding for SMEs that use locally developed technologies.
He stressed that Nigeria’s economic future lies in the ability of its youth to innovate and create sustainable businesses that address the country’s most pressing needs, from food security to industrialization.
“By focusing on home grown technologies, we cannot only create jobs and wealth but also drive the industrialization of Nigeria.
“This will empower our youth to become producers and service providers, contributing directly to national development,” he said.
He also appealed to international development partners to align their support with the Renewed Hope Agenda, ensuring that their initiatives help build the capacity of Nigerian youth to succeed in today’s competitive global economy. This according to him includes equipping them with the necessary organizational skills and practical knowledge to succeed in the rapidly changing world of innovation and entrepreneurship.
Alausa noted that the event marks a crucial turning point in Nigeria’s path to economic self-reliance and industrialization.
In his opening address, Sonny Echono, the Executive Secretary of TETFund, said the role of research and innovation in national development is crucial.
He emphasized that TETFund’s initiatives, including the National Research Fund and various research programs, aim to translate academic research into practical solutions that can drive economic growth.
“Research and innovation are critical to the sustenance of any society. Beyond expanding knowledge, they should address societal problems and improve the standard of living”
He underlined the Fund’s commitment to fostering academic research that directly impacts Nigeria’s economy. He also noted that the fair’s primary goal is to connect research outputs with industry needs, encouraging Nigerians, especially the youth, to engage with the displayed technologies to establish viable enterprises.
“This Fair is not just about showcasing research; it is about creating jobs, generating wealth, and enhancing the Nigerian economy through innovation,” he added.
Aminu Bello Masari, Chairman of the Board of Trustees for TETFund, in his remarks, noted that the fair aims to foster collaboration across all sectors to contribute to national development.
He emphasized that the fair is not just an exhibition, but a platform for identifying and adopting technologies that can be commercialized to benefit the Nigerian market.
“This Fair is not just an ordinary expo; it is a critical space where innovations can be adopted and integrated into the market to drive economic growth”.
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