The Federal Government and Kwara State have signed a Memorandum of Understanding (MoU) to formalise the growth and expansion of existing Technology Incubation Centres (TIC) in the state.

The Director General (DG) of the National Board for Technology Incubation (NBTI), Dr. Kazeem Kolawole Raji, described the process as a partnership to initiate a synergy that promises a common goal as a team.

He was sure that the execution of the MoU would formalise the board’s partnership and obligation in actualising the terms and responsibilities to the people of Kwara State, TIC Ilorin/Offa extension, and Nigerians in general.

Raji said the event was a significant milestone in the journey to foster the growth of technology innovation, commercialisation of research and development results, and entrepreneurship in Kwara State through TIC.

According to him, the MoU is to develop enterprises at the state and local councils in the state to reduce unemployment, create wealth, and promote self-sustainability, thereby reducing poverty within the state and the country.

“The Technology Incubation Programme (TIP) is a popular economic development tool used by both developing and developed countries to fast track local and regional economic development. It is also a veritable mechanism for the commercialisation of Research and Development (R&D) results

“It is an integrated support programme provided by the government, academia and the private sector either individually or in partnership, with the intention of creating, and nurturing technology-based start-ups by assisting budding entrepreneurs in the establishment of their enterprises and fledglings.”

Responding, on behalf of the state government, the Commissioner, Damilola Yusuf Adelodun, promised to relay the board’s request to her boss but commended the agency’s resilience as evident in its achievements.