‘Varsities are catalysts for national development, transformation’

The Chief Executive Officer, Nigerian Economic Summit Group (NESG), Dr Oluwatayo Aduloju, has emphasised the critical role of universities in driving development, fostering wealth creation, and enhancing global competitiveness.

Aduloju, who stated this while delivering the 55th convocation lecture of the University of Lagos (UNILAG), harped on the transformative potential of universities; underscoring their role in fostering scholarship, inspiring reflection, and driving societal progress.

In his lecture titled: ‘Universities as hubs for development and wealth creation,’ the NESG boss explored key themes such as the transformation of national institutions into modern states, wealth creation, and development trajectories, highlighting how universities serve as hubs at the intersection of development, business, and government. He outlined the pathways through which universities can catalyse transformations, offering actionable insights for the future.

Specifically, Aduloju disclosed that the country needs dedicated education hubs to advance and create more wealth. He noted that Asian countries, which have become middle powers, transformed their educational institutions into hubs that connect industry, government, and a larger society.
Aduloju said Nigeria would need to build effective economic, social, and political institutions that would address current deficits observed in its financial, political and social frameworks. He lamented that there is currently no dedicated education hub for development.

The NESG boss stressed the need to create education hubs that bridge the gap between academia and industry, fostering collaboration that rethinks societal functions and aligns goals with the country’s development paths.

Aduloju noted that a multi-disciplinary, frontier target-driven national education hub would require broad-based political authorisation to be globally competitive.

“To do this, a few selected institutions, the first five public universities along with top five private universities to start, should be authorised to financially and institutionally reorganise their operating model to achieve progress,” he stated.

Aduloju emphasised the need to rebuild the country’s intellectual foundation to enhance productivity and competitiveness, and establish hubs to develop leaders and skilled workforce, enabling Nigeria to become a leading industrial reformer in Africa.

Earlier in her welcome address, the Vice-Chancellor, Prof. Folasade Ogunsola, restated the institution’s commitment to driving innovation, fostering academic excellence and contributing meaningfully to national and global development.

On his part, former Lagos State governor, Mr Babatunde Fashola, who chaired the event, described the topic as both timely and significant; emphasising the critical role of universities in reshaping narratives and advancing development frontiers.