The Executive Secretary of the Tertiary Education Trust Fund (TETFund), Mr. Sonny Echono, has stated that the recently concluded TETFund National Research Fair/Exhibition aligns with efforts to drive economic growth through technology and innovation.
Echono made this known during an interview with correspondence on Monday in Abuja, emphasizing that the initiative seeks to transform Nigeria’s economy through research, innovation, and entrepreneurship.
The Fund, between November 18 and 21, hosted a tech fair showcasing research outcomes from TETFund’s beneficiary institutions alongside innovations from private individuals, linking them to industries for commercialization.
According to him, the expo was driven by three key realizations, one of which is that research and innovation provide the most sustainable path to transforming the nation’s economy.
*“It lies in harnessing our intellectual assets and converting them into products and services that address national challenges, shortfalls, and opportunities across various sectors of the economy.
“We strongly believe that research, development, innovation, and entrepreneurship play a crucial role in shifting our economy from a consumptive to a productive one,”* he said.
Despite significant investments in research over the years, Echono noted that many innovations remained confined to bookshelves and academic papers rather than reaching the market.
The expo, he explained, aimed to bridge this gap by showcasing Nigerian-made inventions across industries and encouraging commercialization.
He added that the initiative was inspired by the success stories of countries like China, India, Malaysia, Vietnam, Brazil, Singapore, and South Korea, which have leveraged local talent and innovation to drive economic growth.
*“Over the years, TETFund has invested heavily in supporting research programs, leading to numerous discoveries.
“Unfortunately, not many Nigerians have seen these products. Many remain in bookshelves and research drawers instead of becoming marketable goods available in stores for consumers.
“Our partnership with one of our innovators helped us realize the potential of these innovations, prompting us to scale up efforts.
“We decided to create a national database of those involved in innovation to track progress and maximize impact,”* he said.
The executive secretary noted that the Fund designed a competitive selection process for the fair, selecting a fraction of the over 2,700 entries received.
According to him, the event brought together researchers, manufacturers, policymakers, venture capitalists, and industry experts to assess and refine innovations to meet commercial standards.
*“This initiative is further strengthened by the fact that Nigeria has numerous untapped resources and a large population of unemployed youths.
“We are also spending excessively on imports, including goods, services, and even food.
“To address this, we launched a national exhibition where anyone with a viable innovation could showcase their work.
“We received over 2,700 entries but had space limitations, so we narrowed it down to around 600 or 700 participants,”* he said.
One of the major highlights of the expo, he revealed, was the issuance of patents to selected innovators, reinforcing TETFund’s commitment to intellectual property protection and commercialization.
(NAN)