Education minister calls for financial reforms to encourage SMEs and youth empowerment

Minister of Education, Olatunji Alausa, has called for a comprehensive reform of financial support systems to better empower Nigerians, especially the youth, to establish small and medium enterprises (SMEs) focusing on home-grown technologies.

Alausa made the call at the opening of the TETFund National Research Fair in Abuja on Monday. He emphasized that such reforms are critical to the successful delivery of President Bola Ahmed Tinubu’s Renewed Hope Agenda.

In his speech, the Minister called on financial institutions, including commercial banks, to align their strategies with the government’s vision of economic transformation by providing targeted financing to SMEs using locally developed technologies.

He emphasized that Nigeria’s economic future lies in the ability of its youth to innovate and create sustainable jobs that meet the country’s most pressing needs, from food security to industrialization.

“By focusing on ground-grown technologies, we are not only creating jobs and wealth, but also supporting the industrialization of Nigeria.

“This will empower our youth to become producers and service providers and directly contribute to national development,” he said.

He also called on international development partners to align their support with the Renewed Hope Agenda and ensure that their initiatives help Nigerian youths build their capacity to succeed in today’s competitive global economy. According to him, this includes equipping them with the necessary organizational skills and practical knowledge to succeed in the rapidly changing world of innovation and entrepreneurship.

Alausa pointed out that the event was an important turning point on Nigeria’s path to economic self-reliance and industrialization.

In his opening speech, TETFund Secretary General Sonny Echono said that the role of research and innovation in national development is very important.

He emphasized that TETFund’s initiatives, including the National Research Fund and various research programs, aim to translate academic research into practical solutions that can boost economic growth.

“Research and innovation are critical to the survival of any society. “Beyond expanding knowledge, they must address social problems and improve the standard of living.”

He underlined the fund’s commitment to promoting academic research that directly impacts the Nigerian economy. He further stated that the primary objective of the expo is to combine research outputs with industry needs, encouraging Nigerians, especially the youth, to engage with the technologies on display to build viable businesses.

“This Fair is not just about exhibiting research; “It is about creating jobs, creating wealth and developing the Nigerian economy through innovation,” he added.

Aminu Bello Masari, Chairman of the TETFund Board of Trustees, noted in his speech that the fair aims to develop cooperation in all sectors to contribute to national development.

He emphasized that the fair is not just an exhibition but a platform for the identification and adoption of technologies that can be commercialized to benefit the Nigerian market.

“This Fair is not an ordinary fair; It is a critical area where innovations can be adopted and integrated into the market to support economic growth.”