The Executive Secretary of the Tertiary Education Trust Fund (TETFund), Arc. Sonny Echono, has said that Nigeria’s economic future depends on its ability to generate, apply and commercialise knowledge through research and innovation.
Echono stated this while delivering a lecture titled “Driving National Development Through Research and Innovation” at the 65th anniversary celebration of Obafemi Awolowo University (OAU), Ile-Ife.
He said countries that have achieved sustainable economic growth and technological advancement did so through deliberate investments in research, innovation and knowledge creation rather than reliance on natural resources.
According to him, the global economy has shifted from dependence on natural resources to prioritising knowledge, technology, creativity and innovation, making research a critical driver of national competitiveness.
“A country’s progress largely depends on its ability to generate knowledge, apply science, foster innovation and convert ideas into practical solutions for society,” he said.
The Executive Secretary also noted that Nigeria continues to grapple with challenges such as unemployment, insecurity, weak industries, inadequate infrastructure, food insecurity and limited technological capacity, stressing that these issues require practical, research-driven solutions.
He lamented that despite the abundance of intellectual talent in Nigerian universities and research institutions, many research findings remain confined to academic journals and libraries instead of being transformed into products, technologies and services that can benefit society.
“For many years, research activities in Nigerian tertiary institutions have focused mainly on theoretical and academic outputs, particularly publications required for promotion and career advancement.
“While scholarly publications are important for academic growth, limited emphasis on commercialization and
practical application of research outputs have reduced the visibility and societal impact of research findings.
“Many research outcomes with the potential to address societal challenges often remain in libraries, conference
proceedings, and academic journals, rather than being developed into products, policies, or technologies that benefit society” he said.
The TETFund boss also identified inadequate funding, poor infrastructure, weak collaboration between universities and industry, brain drain, policy inconsistency and limited commercialisation frameworks as some of the major obstacles hindering research and innovation in the country.
He said the Fund has expanded support for research through the National Research Fund, which finances impactful projects capable of addressing national priorities and global challenges.
He also cited the TETFund Alliance for Innovative Research (TETFAIR), designed to help researchers transform ideas into commercially viable solutions.
The programme, according to him, has produced 55 prototypes, including a self-programmable and affordable hearing aid developed specifically for the African market.
He further said the Research for Impact (R4i) initiative has trained hundreds of lecturers across public tertiary institutions, leading to the development of 168 prototypes aimed at solving societal problems.
Echono further revealed that TETFund has introduced the Commercialisation Innovation Fellowship to support researchers in moving their innovations from the prototype stage into the marketplace.
As part of efforts to provide enabling infrastructure for innovation, he said the Fund is establishing 45 innovation hubs, 60 ICT centres, six multipurpose zonal laboratories and several Centres of Excellence across beneficiary institutions nationwide, adding that TETFund is also building partnerships with international organisations and institutions, including the United Nations Development Programme (UNDP), to accelerate Nigeria’s transition towards an innovation-driven and knowledge-based economy.
He urged universities to strengthen collaboration with industry and government to ensure that research findings translate into practical solutions that address the country’s developmental challenges.
“Nigeria’s sustainable development largely depends on how effective we are at leveraging knowledge, innovation and technology to grow the national economy, create jobs, develop new products and services, and improve the well-being of our people,” he said.
