PROF. FABUNMI DELIVERS UNIOSUN 2018 PUBLIC LECTURE...SAYS NIGERIA NEEDS TO INVEST IN INNOVATION FOR ECONOMY DEVELOPMENT

Prof. James Fabunmi, the Chief Executive Officer, American Heritage Defence Corporation, USA, says there is need for governments to allocate more resources to innovation to ensure economy development and stability of the country.

Prof. Fabunmi said this while delivering a public lecture entitled “From Brain Power to Economy Power’’ at Osun State University on Wednesday  17th January 2018 in Osogbo.

According to him, innovation is the equaliser in today’s global economy, either in finding new solutions to existing problems or solving the entirely new ones. “Government at all levels, industries and academia need to make commitment to a process whereby we allocate resources to challenge intellect in our knowledge centres. It is important that every year, a certain percentage of our resources are used to address key challenges in our society through innovation and good ideas,’’ he said.

Prof. Fabunmi also said that investing in innovation would transform college graduates from job seekers to successful job creators. He said that college graduates in many developing economies like Nigeria lack the opportunity to transform their intellectual genius into commercial ventures.

According to him, one of the reasons for this is the absence of infrastructure and instruction that support problem solving and commercialization of innovation. “Instruction in art and science of innovation and enterprise is in great demand, and will be sought after by sponsored graduates who look to become trained as investors, entrepreneurs and business owners,’’ Fabunmi said.

In his remarks, Gov. Rauf Aregbesola, represented by the Special Adviser on Higher Education in Osun State, Prof. Grace Akinlola urged universities in the country to invest resources in innovation and researches that would lead to productivity, there is need for higher institutions to introduce entrepreneurship skills into their curriculum. The governor said this would enable graduates to be job providers rather than job seekers.

The Vice-Chancellor, Prof. Labode Poopola, in his remark said the public lecture was aimed at encouraging graduates in the area of productivity.