The Executive Secretary of the Tertiary Education Trust Fund (TETFund), Sonny Echono, has said that Obafemi Awolowo University (OAU), Ile-Ife, has remained faithful to the vision of its founding fathers by producing distinguished professionals and leaders who continue to contribute to Nigeria’s development.

Echono stated this while delivering a lecture to commemorate the 65th anniversary of the university in Ile-Ife, Osun State, where he also emphasised the importance of research and innovation in driving national development and addressing Nigeria’s socio-economic challenges.

According to a copy of the lecture obtained in Osogbo on Friday, the TETFund boss paid tribute to the university’s pioneer and successive vice-chancellors for sustaining the institution’s legacy of academic excellence and leadership.

He described OAU as a symbol of purposeful leadership and commitment to quality education, noting that the institution has consistently produced eminent scholars, legal practitioners, business leaders, diplomats, technocrats, administrators and recipients of the Nigerian National Merit Award.

“The Great Ife has remained a symbol of commitment and purposeful leadership. Expectedly, the university has lived to the ideals of its founding fathers as the breeding ground for erudite scholars, legal luminaries, successful businessmen, diplomats, accomplished technocrats and administrators, including its legion of Nigerian National Merit Award winners who continue to contribute to national development and uphold the reputation of the university,” Echono said.

Speaking on the role of research and innovation in national growth, Echono noted that countries that have achieved sustained economic progress and technological advancement did so through strategic investments in knowledge generation, scientific research and practical innovation.

He said modern economic development is increasingly determined by a nation’s ability to create, apply and commercialise knowledge rather than its dependence on natural resources.

According to him, Nigeria’s challenges, including unemployment, insecurity, hunger, healthcare deficits, industrial underdevelopment and technological dependence, present opportunities for innovation-driven solutions.

Echono stressed that addressing these issues requires sustained investment in research and innovation systems capable of generating practical solutions tailored to local realities.

He commended President Bola Tinubu for prioritising research and innovation as tools for solving national challenges but noted that achieving a fully functional innovation-driven economy would require tackling persistent obstacles such as inadequate funding, poor infrastructure, weak motivation for researchers, limited collaboration between academia and industry, and difficulties in commercialising research outcomes.

The TETFund Executive Secretary said the agency’s interventions in tertiary institutions have become increasingly important in strengthening Nigeria’s research and innovation ecosystem.

He explained that through research grants, academic staff development, innovation hubs, entrepreneurship programmes and commercialisation initiatives, TETFund has repositioned tertiary institutions as active contributors to national development.

Echono maintained that Nigeria’s sustainable development would depend largely on its ability to leverage knowledge, technology and innovation to expand economic opportunities, create jobs and wealth, develop new products and improve the quality of life of citizens.

Earlier, the Vice-Chancellor of Obafemi Awolowo University, Prof. Simeon Bamire, said the institution had continued to record steady progress since its establishment 65 years ago.

Bamire commended members of staff and students for their dedication and sacrifices in preserving the culture of excellence for which the university is renowned.

He also announced plans by the university to unveil the N10 billion President Bola Ahmed Tinubu Centre of Excellence in Intercultural Dialogue and Youth Empowerment on June 8 as part of activities marking the institution’s 65th anniversary.

According to the vice-chancellor, the centre is designed to serve as a hub for research, leadership development, intercultural dialogue, innovation and youth empowerment.