The Tertiary Education Trust Fund on Saturday called on the Federal Government to increase the funding for research and development.
It said adequate investment in research would bring about growth and development in the country and as well as transform the socio-economic sectors by ensuring the robust promotion of cutting edge innovation.
The Executive Secretary of TETFund, Prof. Sulaiman Bogoro, who spoke on Saturday in a convocation lecture delivered at the Afe Babalola University, Ado Ekiti, titled, ‘University as catalyst for regional economic development,’ canvassed the urgent need for institutionalisation of research in Nigeria with focus on creating the platforms for changing the country’s economy to a knowledge-based one.
Bogoro said, “Endowment, research foundations are the DNA of ivory towers over time, but I am afraid sadly that we are treating them as if they are political enclaves rather than a platform for deepening knowledge, creating knowledge and cutting edge innovation, which is beyond average; that is why universities are called the ivory towers.
“Unfortunately, we have gone in the wrong direction for quite a while. Sometimes, you see square pegs not being placed in square holes, even within the university system and these are areas that bother us.”
ABUAD’s Founder, Chief Afe Babalola, said the law establishing TETFUND should be reviewed to allow private universities to benefit from funding from the agency.
Babalola, who said universities above 30 years should not be given funding by TETFUND for infrastructure development, said, “Instead of giving any well-established universities monies to build guest houses, they should be given funds for research and innovation.”
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