TETFund leads charge in Nigeria’s quest for knowledge-based economy

A leader’s priority should be to provide quality leadership rather than power or financial gain. Aptly captured by celebrity life coach, author and speaker, Lisa Haisha, “Great leaders don’t set out to be leaders, they set out to make a difference. It is never about the role; it is always about the goal.” 

This philosophy is exemplified in the leadership style of the Executive Secretary of Tertiary Education Trust Fund (TETFund), Arc. Sonny Echono, whose visionary leadership has spearheaded transformative initiatives that have revolutionised the tertiary education landscape in Nigeria.

His focus on research and innovation has been instrumental in driving progress and implementing various initiatives aimed at promoting research and development in the country’s tertiary education.

One notable example of this commitment to innovation is the recent establishment of the Research and Innovation Commercialisation Committee (RICC), a collaborative effort between TETFund and the Bank of Industry (BoI). This powerful Ministerial Committee has generated significant excitement among stakeholders, as it aims to promote the commercialisation of research findings from Nigerian tertiary institutions.

The committee’s role includes bridging the research-to-market gap, establishing frameworks for funding and incubation, promoting policy support for innovation financing and intellectual property rights and fostering partnerships between researchers and industry players.

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It will also promote policy alignment that supports innovation financing, intellectual property rights, and ease of doing business; driving localization and adaptation of global technologies to solve local problems; setting eligibility criteria for Student Grant Venture Capital Initiative, among others.

At the inauguration, the Minister of Education, Dr. Tunji Alausa, said the new panel will connect academic research with industry needs and transform local research into marketable products and services.

The committee, chaired by the Chief Executive Officer (CEO) of the Nigerian Economic Summit Group (NESG), Dr. Tayo Aduloju, comprises Prof. Ibrahim Katampe, Dr. Umar Bindir, Prof. Sydney Ibeanusi, Dr. Detoun Ogwu and representatives from the Federal Ministry of Innovation, Science and Technology, Bank of Industry, Manufacturers Association of Nigeria (MAN), Vice-Chancellors of Nigerian Universities, among others, with TETFund serving as the Secretariat.

The Education Minister said the constitution of the panel to drive bench-to-market research commercialisation was a strategic initiative that alignes with the ministry’s goal of repositioning the country’s higher education sector as a catalyst for national development as well as in line with President Bola Ahmed Tinubu’s vision to strengthen research and innovation capacity and move the country to a knowledge-based economy. 

Apart from translating research outputs into goods and services for addressing societal challenges, the commercialisation of research outcomes has several other benefits. It bridges the gap between academia and industry, thereby fostering strong collaboration between universities, research institutions, and the private sector. It also facilitates revenue generation for the institutions and researchers. The intellectual property rights, patents, licences and royalties derived from commercialised research can provide alternative income streams for tertiary institutions and inventors, thereby promoting self-sustainability.

“I am delighted to acknowledge that the Federal Government has, through TETFund, committed significant resources towards the promotion of research and innovation in our institutions. To ensure that the outcome of research activities in our institutions translates to goods and services for enhancing the welfare of our people, we are committed to promoting the uptake of research outputs for commercialisation. This is precisely why the inauguration of this committee is timely and significant to drive the process of commercialising the various promising research outputs for national development,” he added.

Also, the Minister of State for Education, Prof. Suwaiba Ahmad, noted that the initiative was a significant step towards promoting research and innovation in universities. He urged the committee to work diligently to towards achieving goals.

On his part, the Executive Secretary of TETFund, Echono, expressed gratitude to the Minister of Education for his significant backing and support in driving the success of the Fund’s programmes and initiatives.

“TETFund has championed several initiatives geared towards promoting impactful research and to facilitate the uptake of research outcomes with potential commercialisation.

“I am glad that this chairman of the committee has been a partner in our efforts and our journey to try and see how we can create synergy, to bring government, private sector, and our academia together. We have been working with the communities, communities of practice, communities of business, and even the local communities where these enterprises are to help galvanise and situate research properly as the engine of growth in the economy,” Echono said.

In his acceptance speech, Aduloju gave assurances that the panel would work tirelessly to develop a robust framework for the commercialisation of research outputs as well as identify and support innovative projects that have the potential to drive economic growth and development in Nigeria.

He equally affirmed that the panel would take into consideration the unique challenges and opportunities in the Nigerian research and innovation ecosystem and work to create a conducive environment for researchers, innovators and industry players to collaborate and thrive.