President, African Development Bank (AfDB), Dr. Akinwumi Adesina has called for the establishment of youth entrepreneurship investment bank as well as the setting aside of 20 percent oil earnings to fund science and innovation in order to set the country on the path of development.
Adesina in his convocation lecture at Bowen University, Iwo titled, “Universities, youth and entrepreneurship in a rapidly changing world said, Nigeria needs to urgently spend a lot more on research to experience growth and development.
He noted that there was the need to support students to become entrepreneurs, adding that grades alone shouldn’t be the focus of universities.
According to him, government should set up financial systems that will support young people and set up youth entrepreneurship investment banks.
“Only those that see the future will invest in the future. The youth are not the future. They are present. Our collective responsibility is to prepare the youth to thrive today to drive the future through entrepreneurship.
“There are seven suggestions on the path to future entrepreneurship. First, all students must be supported to become entrepreneurs. Not only the grade should matter. All must pass the entrepreneurship requirement. That way, universities become knowledge transmitters as well as entrepreneurs developers.
“Second, universities should set up technology business incubator and innovation hubs. Third, the government must set up financial systems that support young people and set up youth entrepreneurship investment banks. Fourth, the private sector should be encouraged to locate research, technology and innovation centres on university campuses.
“We must begin to measure the contribution of the youth to the gross domestic product (GDP) and that can only happen when we support small and medium scale enterprises of the youth. Nigeria needs to set up a national science and innovation fund, devoting 20 percent of its oil earnings to driving the fast techno-enabled growth of Nigeria. Finally, we must believe in the youth”.Adesina was later conferred with honorary doctoral degree of entrepreneurship at the event.