The Chairman of the Economic Advisory Council to President Muhammadu Buhari, Doyin Salami, noted this week that for Nigeria to be favourably positioned in the global market it must ensure widespread innovation and entrepreneurship among its youth population.
The chairman who was addressing issues surrounding the Tertiary Education Trust Fund (TETF) said during a courtesy visit to the Executive Secretary of the body, Suleiman Bogoro, that the country should aim at stimulating a knowledge-based economy to raise a people who are solution-driven.
According to him, a knowledge-based economy will help unearth the hidden, untapped capacity of the people of Nigeria. Therefore re-examining the way the trust fund is being deployed is critical to raising the level of the economy.
Meanwhile the TETF will now focus more on funding research and content than infrastructural development.
Also Suleiman Bogoro, who played host to the Chiarman of the Economic Advisory Council, recalled vividly that the largest economies in the 21st century are knowledge-based.
He said, “Knowledge economy is fashion driving, perfected by research and innovation, creativity and deepening of research specifically problem solving research. The most competitive economies are those that are knowledge based”.
Hence, he re-emphasised that the trust fund under his purview will be channeled towards aiding innovative projects and enterprise across Nigeria’s universities, polytechnics, and colleges.
Nigeria is currently operating a resource-based economy. Since the largest chunk of its revenue still come from oil, it is susceptible to external imbalances and changes in commodity prices. To overcome those disadvantages, it must ensure its population are groomed to provide solutions via research and entrepreneurship. This is necessary considering the present austere global economy and dwindling government revenues.