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Adesina calls for establishment of youth entrepreneurship banks


Chancellor, Dr Olumide Kehinde (left); Pro-chancellor, Oluwole Abegunde; Dr Akinwumi Adesina; Visitor to the university, Dr Supo Ayokunle and Vice Chancellor, Prof Joshua Ogunwole at Bowen University Convocation lecture.

*Canvasses 20% oil revenue for science, innovation development

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.

“Only those that see the future will invest for 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.

The vice chancellor, Prof. Joshua Ogunwole charged all stakeholders on the need to act intentionally on quality education.Prof. Ogunwole said, “There is no doubting the fact that quality education is expensive. The quality of the economic or political contribution of a nation’s young or adult population is dependent heavily on the quality of education received by the citizenry. Tertiary education is a very expensive venture. I wish to encourage all stakeholders to act intentionally and be responsive to the challenge of delivering the best of quality education to our population in order to secure the future of this great country”.

President of the Nigerian Baptist Convention (NBC), Dr Samson Ayokunle charged the graduating students to avoid negative thinking, low self-esteem, blame game and mindset of dependency.Ayokunle, who is the president of Christian Association of Nigeria (CAN), prayed for them saying, “may the Lord help you to think in the right way, so as to enable positively the education you have acquired from here.”

The chancellor, Rev. Olumide Kehinde urged the graduating students to maximize their potential and opportunities in life, stressing that they are the architects of their lives. Pro-chancellor and chairman of council, Oluwole Abegunde said it was imperative for the students to prepare themselves for what lies ahead.


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AFDBAkinwumi Adesina
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