Economy
President Tinubu Calls For Industry-Driven Research, Solutions To Nigeria’s Challenges
President Tinubu Calls For Industry-Driven Research, Solutions To Nigeria’s Challenges
President Tinubu calls for industry-driven research, solutions to Nigeria’s challenges. The president said he believed that FUTA is endowed with high-quality and innovative researchers who could take up the task.
President Bola Tinubu has urged the Nigerian academia to urgently produce impactful research that will proffer solutions to the country’s challenges.
Mr Tinubu made the appeal at the award of postgraduate certificates at the 36th Convocation of the Federal University of Technology, Akure (FUTA) on Saturday.
The president, represented by the executive secretary of the National Universities Commission (NUC), Abdullahi Ribadu, stated that he believed FUTA is endowed with high-quality and innovative researchers who could undertake the task.
Mr Tinubu asked FUTA to remain forthright and focused to uphold confidence reposed in it by the government and stakeholders.
He urged stakeholders in the sector not to rely solely on the government for funding, instead advocating for improved interconnection between universities and industries.
“The federal government does not have the intention of abdicating its responsibilities to higher educational institutions,
.
“The time has come for all stakeholders to have another look at the erstwhile model of absolute reliance on government for funding and to rejig the educational system for sustainable funding.
“It is also very pertinent to emphasise that the interconnection between our tertiary institutions and industry should be improved upon,” he said.
According to him, the funding of universities worldwide is a collective responsibility of all stakeholders.
He asked for research outputs from tertiary institutions to be more impactful, so that industries could effectively utilise them.
The president, who is a visitor to the university, tasked the graduands to utilise their proficiencies in diverse entrepreneurial activities, agricultural and ICT skills to create jobs and be self-reliant.
In her remarks, the Vice Chancellor of FUTA, Adenike Oladiji, stated that a total of 1,030 graduated from its School of Post-Graduate Studies.
“For today’s event, the summary of the graduating students is as follows: Postgraduate Diploma- 91, M-Tec- 647, Doctor of Philosophy – 169, School of Professional Development –123.
“It is worth noting that the university is producing doctoral graduates in Renewable Energy Technology for the first time,” she said.
She said that all programmes presented to the NUC obtained full accreditation status.
“The university continues to maintain its position as a leading hub of academic and scientific excellence, with numerous staff and alumni earning recognitions among the world’s top two per cent scientists, according to the prestigious ranking by Stanford University, USA, and Elsevier.
“The exploits of our researchers continued to earn recognition within and outside the shores of Nigeria.
“In the just-concluded academic session, three (3) research groups in the university won separate international grants worth 136,511.00 pounds, ” she said.
President Tinubu
The VC urges the graduands to be good ambassadors of the institution, stating that FUTA is renowned for its self-reliance and integrity.
Also speaking, the Pro-Chancellor of FUTA, Nora Daduut, expressed sincere gratitude to the President for his visionary leadership and reforms, aimed at repositioning Nigeria.
Ms Daduut, who said that the achievements of the institution’s governing council would not have been possible without he cooperation of the management, said the council had enjoyed a harmonious relationship with all stakeholders.
“The harmonious relationship with management and students has created an enabling environment for teaching, learning and research.
“Staff welfare is held as a priority and development of infrastructure has improved tremendously,” she said.
Persistent Grid Collapse, Weak Power Supply Worsening Economic Hardship: Oyintiloye
Speaking with journalists on Sunday in Osogbo, Oyintiloye said the situation had continued to deteriorate despite assurances and reforms introduced by authorities.
He described unreliable electricity as a major setback to the federal government’s reforms in the power sector.
He appealed to President Bola Tinubu to urgently intervene, noting that poor power supply is worsening economic hardship across the country.
Oyintiloye said the poor supply has compounded the effects of the current heatwave, making living conditions more difficult for many Nigerians.
The former lawmaker called for the constitution of a panel to investigate recurring national grid collapses and persistent supply challenges despite significant investments.
“It is a terrible situation across Nigeria with persistent poor power supply,” he said.
“Many small-scale businesses and large industrial players are affected, while most homes cannot boast of even three hours of electricity supply daily for domestic use.
“Despite numerous reforms and promises, the national grid continues to collapse. The situation is now compounded by gas supply shortages, weak transmission infrastructure, and chronic underinvestment across the power value chain.
“Nigerians are groaning, and urgent action must be taken by the Minister of Power, Adebayo Adelabu, and his team. The situation cannot continue like this.”
Oyintiloye warned that the situation has already triggered protests in parts of the country and could escalate if not addressed promptly.
“The situation must be quickly addressed before it becomes a national embarrassment. Nigerians need to be informed whether the issue is due to structural failure or sabotage within the power sector,” he said.
Electricity
“This epileptic power supply has led to a series of peaceful protests nationwide. I appeal for the President’s intervention before these protests turn violent.
“Electricity is essential for households and the survival of businesses. Since the end of last year, there has been no stable power supply across the country, despite assurances by those in charge and huge investments in the sector.
“Poor power supply should not be added to the challenges Nigerians are currently facing. The high cost of fuel has also made it difficult for those relying on generators to cope.”
Eid-el-Fitr: NRC Sets To Run Three Lagos–Ibadan Train Trips Monday
Eid-el-Fitr: NRC sets to run three Lagos–Ibadan train trips Monday. He assured passengers of NRC’s continued commitment to safe, reliable, and efficient rail services.
This was contained in a statement issued on Friday in Lagos by NRC chief public relations officer, Callistus Unyimadu.
He said the additional trip was in response to high passenger turnout during the Eid-el-Fitr travel period.
“The extra trip is aimed at easing passenger movement and providing more travel options for commuters returning after the Eid-el-Fitr celebrations.
“Under the schedule, departures from Lagos (Mobolaji Johnson Station, Ebute Metta) will be at 7.45 a.m., 1.40 p.m., and 4.00 p.m.
“From Ibadan (Obafemi Awolowo Station, Moniya), trains will depart at 8.00 a.m., 10.50 a.m., and 4.30 p.m.,” he said.
Mr Unyimadu assured passengers of NRC’s continued commitment to safe, reliable, and efficient rail services.
NRC Sets To Run Three Lagos–Ibadan Train Trips Monday
He advised travellers to arrive early, comply with ticketing and security procedures, and plan their journeys.
“The corporation appreciates the continued patronage of its services and wishes all passengers a safe and pleasant journey,” he added.
UBA, BII Sign Letter Of Intent To Explore Trade Finance Collaboration Across Africa
United Bank for Africa (UK) Limited (“UBA UK”) and British International Investment plc (“BII”), the UK’s development finance institution and impact investor, announced that they have signed a letter of intent to develop trade finance collaboration opportunities.
The proposed initiative aims to expand access to trade and working capital facilities for businesses operating across Africa.
Access to trade finance remains one of the most significant structural constraints on African trade. Businesses, particularly small and medium-sized enterprises, are frequently unable to secure letters of credit, guarantees, and supply chain finance on commercially viable terms, limiting their capacity to export and import competitively. This trade finance gap is estimated by the African Development Bank to be over USD 80 billion annually.
To help close this gap, UBA UK, the London subsidiary of UBA Group, Africa’s Global Bank, will leverage its deep relationships across the Group’s 20-country African network to originate and structure trade finance transactions. While BII, with a mandate to support productive, sustainable, and inclusive growth across Africa, can support transactions that might otherwise fall outside conventional commercial appetite.
“The signing of this letter with BII represents a landmark moment for UBA UK and for the UBA Group’s global ambitions. As the Group’s hub for Trade Operations, UBA UK is uniquely positioned to connect African businesses with the international financial system. Working alongside BII, we can extend that capability further — mobilising capital where it matters most and helping to close the trade finance gap that holds back so much African potential,” said Lok Mishra, Chief Executive Officer, UBA UK
“British International Investment is committed to catalysing private sector growth across Africa, and trade finance is a critical enabler of that growth. We welcome the opportunity to collaborate with UBA Group, whose pan-African network and deep institutional relationships can help advance our ambition to expand access to trade and working capital finance, particularly in frontier markets,” Chris Chijiuitomi, Managing Director and Head of Africa
The announcement builds on growing momentum around intra-African trade facilitated by the African Continental Free Trade Area (AfCFTA), which entered into force in 2021 and represents one of the world’s most significant trade integration initiatives. Both institutions have identified the operationalisation of AfCFTA as a priority catalyst for a trade finance facility, with UBA UK’s network across major AfCFTA economies offering a basis for supporting businesses navigating the emerging continental market.
This also complements the UK Government’s broader engagement with African economic development, including commitments made at the UK-Africa Investment Summit, and reinforces the City of London’s role as a leading international finance centre for Africa-focused capital mobilisation.
Future cooperation remains subject to further assessment, due diligence and the completion of internal approvals by both parties.
ABOUT UNITED BANK FOR AFRICA (UK) LIMITED
UBA UK is the London-based subsidiary of United Bank for Africa Plc, one of Africa’s leading financial institutions with operations across 20 African countries, the United Kingdom, the United States of America, France, and the United Arab Emirates. UBA UK serves as the Group’s hub for Trade Operations, providing a comprehensive suite of trade finance, treasury, and correspondent banking services to institutional and corporate clients worldwide.
UBA
ABOUT UNITED BANK FOR AFRICA GROUP
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally. Operating in twenty African countries, the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.
ABOUT BRITISH INTERNATIONAL INVESTMENT
British International Investment is the UK’s development finance institution and impact investor. The organisation invests in businesses in developing countries to improve people’s lives and help protect the planet. BII’s work targets the underlying causes of poverty and the climate crisis, helping countries break free from aid dependency for good.
Between 2022-2026, at least 30 per cent of BII’s total new commitments by value will be in climate finance. BII is also a founding member of the 2X Challenge which has raised over $33.6 billion to empower women’s economic development.
The company has investments in over 1,600 businesses across 66 countries and total net assets of £9.87 billion. For more information, visit: www.bii.co.uk | watch here. Follow British International Investment on LinkedIn, Bluesky and X.
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