Oyo Govt Advocates Stronger University Entrepreneurship Centres To Drive Job Creation, Economic Growth

The Oyo State Government has advocated the strengthening of entrepreneurship centres in universities through the establishment of business incubation facilities, industrial clusters and innovation hubs to promote enterprise development, stimulate job creation and accelerate economic growth.

The Honourable Commissioner for Investment, Trade, Cooperatives and Industry, Professor Salihu Abdulwaheed Adelabu, made this call while speaking as a Special Guest at the University of Ibadan SME Fair 2026, organised as part of activities marking the institution’s 78th Anniversary.

The two-day event, held on November 3 and 4, 2026, at the International Conference Centre, University of Ibadan, Ibadan, had the theme, “Scaling Emerging SMEs for Global Impact: From Innovation to Sustainable Growth.”

Professor Adelabu emphasised that university entrepreneurship centres should go beyond vocational skills acquisition by incorporating business incubation facilities where students and aspiring entrepreneurs could develop their ideas, improve existing products and transform innovations into commercially viable ventures.

He observed that young people of the present generation possess enormous talents and innovative ideas that could contribute significantly to economic development if given the right environment, guidance and institutional support.

According to him, business incubation would provide students and young entrepreneurs with opportunities to develop their ideas gradually, improve on existing products and introduce innovations that could translate into successful businesses.

The Commissioner also called for the establishment of industrial clusters within university entrepreneurship centres, explaining that many Nigerian products were still at the semi-finished stage and required further processing and value addition to maximise their economic potential.

He noted that adding value to locally produced goods would create more wealth, expand business opportunities and strengthen the country’s industrial base. He further advocated the integration of innovation hubs into entrepreneurship centres, stressing that every product and business process could be improved upon through continuous innovation.

On access to funding, Professor Adelabu encouraged aspiring entrepreneurs to explore available financial opportunities through commercial banks, the Bank of Industry, the Central Bank of Nigeria and other government-backed intervention programmes and grants.

He, however, stressed the need for prospective beneficiaries to prepare sound business plans and conduct proper feasibility studies to establish the viability of their proposed businesses and demonstrate how they intended to achieve their objectives.

The Commissioner further challenged participants to cultivate entrepreneurial mindsets, noting that entrepreneurship was not restricted to any particular profession or academic qualification. He explained that people in professions such as medicine, pharmacy, veterinary medicine and law could equally become successful entrepreneurs by identifying opportunities within their respective fields.

Encouraging young people not to allow financial challenges to discourage them, he urged them to start with whatever resources they had, remain focused and consistently develop their ideas, noting that great businesses were often built gradually through determination, commitment and perseverance.

Professor Adelabu described Small and Medium Enterprises (SMEs) as important instruments for addressing unemployment and reducing poverty in Nigeria. He particularly identified agriculture and Information and Communication Technology (ICT) as sectors with enormous potential to generate employment and improve economic prosperity when effectively harnessed.

He commended the founding fathers and mothers of the SME Fair for sustaining the initiative, noting that its impact was already being felt. He called for the programme to be sustained for future generations and expanded through collaboration among universities across Nigeria to promote a stronger national entrepreneurship and innovation ecosystem.

The Commissioner congratulated the organisers and participants, urging them to leave the fair with practical ideas and commitments that could be developed into viable businesses and presented at subsequent editions of the programme.

In recognition of his contributions and commitment to entrepreneurship, investment and economic development, Professor Adelabu received an award from the organisers of the SME Fair. The Wife of the Oyo State Governor, Her Excellency, Engr. (Mrs.) Tamunominini Makinde,  presented the award to the Commissioner.

Other dignitaries at the event included the Wife of the Governor of Oyo State, Engr. (Mrs.) Tamunominini Makinde; the Honourable Commissioner for Women Affairs and Social Inclusion, Hon. (Alhaja) Faosat Joke Sanni; the Head of Service, Mrs. Adenike A. Fasina, mni; a representative of the Oyo State House of Assembly; the Executive Chairman of Ibadan North Local Government, Hon. Oluwaseun Olufade; and other Government officials.

Also present were the Vice-Chancellor of the University of Ibadan, Professor Peter Olamakinde Olapegba; Deputy Vice-Chancellors; the Registrar; the Bursar; the University Librarian; members of the academic community; captains of industry; representatives of ProvidusUnity Bank; entrepreneurs and other stakeholders.

The Oyo State Government continues to prioritise initiatives that promote entrepreneurship, investment, innovation and enterprise development as essential drivers of economic growth, employment generation and sustainable prosperity.