Preparations are at an advanced stage for the Tertiary Education Trust Fund (TETFund) and the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) to formalize their partnership with the signing of a Memorandum of Understanding (MoU).

To this end, both bodies have set up a joint committee to formalise the process.

This was the highpoint of a meeting between the Tertiary Education Trust Fund (TETFund) and the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) in Abuja.

At a meeting hosted by TETFund, its Executive Secretary, Arc. Sonny Echono, welcomed the partnership opportunity with NACCIMA, commending the organization for its leadership role in Nigeria’s private sector.

He expressed optimism that the MoU when signed, will bridge the gap between industry needs and the tertiary education sector.

He said: “We have a robust set of engagements that have taken place before now, which in our belief should culminate into a partnership that will serve our country. And that is why the issue of a joint MoU will accelerate very quickly. It will ensure that as a country, some of the constraining factors that have inhibited our economic growth can be jointly addressed by us. And we can bridge some of these gaps”.

According to the TETFund boss, with its enormous human and natural resources, the stage is set for Nigeria to break into the global economy, joining other countries like China, India, Japan, South Korea, Malaysia, Singapore and Brazil.

“If we can get our acts together, take the right decisions, have a plan for our country that focuses on these twin advantages: natural resources and human capital, we will get there,” he added.

Earlier, NACCIMA President, Engr. Jani Ibrahim lauded TETFund for its willingness to engage with the private sector, stressing that such collaborations are critical for driving innovation and competitiveness.

He applauded the exceptional leadership of the Fund under Arc. Echono’s direction.

“You have kept education, research, innovation at the very heart of national development agenda. And for this, we want to commend you on behalf of NACCIMA,” he stated.

Continuing, he said: “This visit of NACCIMA and the organised private sector is not just a courtesy visit. It’s the beginning of deeper partnership for engagement. Because we believe that the mandate of TETFund aligns with Nigeria’s aspiration to a $1 trillion economy by 2030. And also the Nigeria First Agenda as well as unique opportunities under the AfCFTA.

“You have done extremely well coming on board as the Executive Secretary of TETFund”.

Ibrahim noted that the partnership would not only strengthen research and development in Nigerian tertiary institutions but also ensure graduates are better equipped with skills relevant to industry demands.

He further emphasized that NACCIMA is committed to supporting initiatives that align academia with industry, pointing out that sustainable economic growth can only be achieved when education and business work in synergy.

According to the NACCIMA President, the private sector is ready to provide the needed support in areas such as entrepreneurship, skills acquisition, and technology transfer.

Both organizations reaffirmed their resolve to ensure that the forthcoming MoU is effectively implemented, with clear strategies for measurable impact. They also appointed designated focal points from both sides for effective coordination and agreed to hold regular review meetings to assess progress, identify challenges, and explore new areas of collaboration that will enhance Nigeria’s socio-economic development.