‘Why collaboration between town and gown is imperative’

Vice Chairman, Verdant Zeal Group, Dr Tunji Olugbodi, has pointed out that collaboration between industry and academia is crucial to addressing low productivity and poor economic growth.

While lamenting the slow transmission of research work into marketable products, Olugbodi said collaboration between the two sectors would enhance innovation and development.

Olugbodi, an alumnus of Olabisi Onabanjo University (OOU), Ago-Iwoye, Ogun State, was the guest speaker at the institution’s Faculty of Social Sciences Open Lecture themed: “Collaborative innovation: Bridging the knowledge and research gap between industry and academia.”

He decried the questionable and slow pace of interaction between the town and gown, adding that such partnership is imperative in addressing societal problems and shaping the nation’s future.

The business mogul said it was vital to address challenges confronting the university system to boost its relevance and growth.
Olugbodi said the partnership between industry, academia and government is essential for innovation and development, sustainable progress and prosperity.

He said the relationship between the town and would effectively tackle real-world problems with fresh perspectives, rigorous research and cutting-edge technology.

He said: “The pharmaceutical industry frequently collaborates with universities to develop new drugs and treatments. Similarly, the renewable energy sector relies on academic research to advance sustainable technologies. These partnerships not only benefit industries by solving critical problems, but also contribute to the well-being of the society.”

According to Olugbodi, investing in beneficial partnerships is a win-win situation for both parties, as universities train individuals with foundational knowledge, while industries have the practical experience and real-world insights to absorb them. This, he said, can ensure alignment with labour market needs.

He noted that industries are crucial to innovation and development through job creation, adding that they stimulate economic stability leading to an enabling environment for investment in research.

The convener of the famous ‘Innovention Series,’ a yearly thought leadership foray dedicated to front-lining new development routes for societal progress, Olugbodi urged the country to tap into the productive capacity of its youths for economic advancement.

“The most important weapon for Nigeria’s growth remains its population, if mined positively. Nigeria has the highest population of youths in the world; with a median age of 18. About 70 per cent of the population is under 30 and 42 per cent under 15. Imagine the productive capacity that can be unleashed if well tapped,” he said.

Olugbodi stressed the need to nurture and promote town and gown collaboration, to ensure a better and more prosperous future for the nation.