How varsities can drive economic growth, by expert

Chairman of the Nigerian Economic Summit Group (NESG), Olaniyi Yusuf, has emphasised the need for greater collaboration between higher education institutions and the private sector to drive national development.

Yusuf, who spoke, yesterday, during the yearly lecture on the theme: “Harnessing the Power of Collaboration between Postgraduate Education and Private Sector for Sustainable Economic Growth,” organised by the School of Postgraduate Studies, University of Lagos (UNILAG), decried how the increase in the number of universities in Nigeria had not reflected in their contributions to the economy.

The NESG chairman, who was guest speaker on the occasion, noted that higher education is essential not only for personal development but also for societal progress, especially in the context of the Nigerian economy.

He said that Nigeria’s large population had created a significant demand for higher education, leading to the establishment of more universities to accommodate the increasing number of students, adding that the synergy between higher education and the private sector, which is critical for the growth and development of universities, remains weak.

He, however, lamented that the several challenges, such as funding constraints, weak research capacity, curriculum mismatch, and bureaucracy, have hindered the ability of universities to establish meaningful collaborations with the private sector.

Yusuf, therefore, called for concerted efforts to improve funding, enhance research capabilities, align academic programmes with industry needs, streamline administrative processes, and create more opportunities for engagement between universities and the private sector.

In her closing remarks, the Vice-Chancellor of University of Lagos (UNILAG), Prof. Folashade Ogunsola, pointed out that the industry is a key area where change is necessary to overcome the obstacles that have hindered the country’s progress.

Ogunsola, while lamenting the flat growth in Nigeria’s Gross Domestic Product (GDP), which she attributed to the lack of significant academic input and contributions from the education sector, however, urged the academic sector to take the lead in ensuring that education remains at the forefront of the national agenda.