Tuesday, February 22, 2022 / 05:26 AM / by Ottoabasi Abasiekong for WebTV / Header Image Credit: Instagram; Opologlobal

The Opolo initiative is a model for innovation and entrepreneurship in Nigeria through the University communities. The opinion was the submission of stakeholders from the government, industry, and academia at the commissioning of the hub at the Obafemi Awolowo University, Ile-Ife.

Speaking at the opening session of the two-day "Opolo Osun Innovent", the Deputy Governor of the state, Mr. Benedict Gboyega Alabi, described the initiative as a laudable development that will lead to growth and innovation in the country.

He said the Osun state government had signed a memorandum of understanding  (MOU) with the Opolo Global Initiative to expand the scope of engagements integrated into the recently launched "Youth Development Policy" of the state.

Delivering the keynote address, the Chairman of Opolo Global Innovation Limited, Dr. Segun Aina, OFR,  said the mission is to accelerate the growth of ideas that create opportunities through innovation, collaboration, creativity and engagement to foster human happiness.

The initiative would strengthen the triple helix of cooperation between the government, university and industry to promote commercially viable research and innovation.

In his goodwill message, the Minister for Youth and Sports, Mr. Sunday Dare, described the youth demography as the biggest driver of innovation. He was optimistic that the Opolo hub would provide immense opportunities for young Nigerians.

He urged Nigerian youths to learn from the examples of Unicorns like Flutterwave, Paystack and Opay led by young dynamic Nigerians who, through hard work, discipline and dedication, developed innovative solutions.

The Minister commended the Bank of Industry (BoI) and the Central Bank of Nigeria (CBN) for addressing the funding gap for young entrepreneurs and noted that there is now a significant shift from empowering young people to investing in their innovative ventures.

In his welcome address, the Vice Chancellor, Obafemi Awolowo University, Ile-Ife, Prof. Eyitope Ogunbodede, said the institution was proud to be the springboard for the Opolo initiative. He believed the project would grow in leaps and bounds to catalyze technology transformation in Nigeria.

He added that OAU Ile-Ife was the leading tertiary institution in the country, accessing research grants from the Tertiary Institutions Trust Fund's (TETFUND's) national research fund.

Mr. Benjamin Tobin, the Executive Director, Corporate Services of BoI, said the development financial institution remained a big supporter of startups and believed that the Opolo hub could scale into a critical tech cluster like the silicon valley in the United States.

The Executive Director further told stakeholders that the BoI had played a significant role in funding tech hubs in Lagos, Bayelsa, and Kebbi since 2019 and is looking at establishing four more additional seats.

The Executive Secretary of TETFUND, Prof. Suleiman Elias Bogoro, believed Nigeria had come to a critical point of building a vibrant knowledge economy. The Opolo hub was an opportunity to expand partnerships with the OAU Ile-Ife, BoI, Fintech Africa, and other industry players.