The Deputy Vice Chancellor (Administration) of the University of Ibadan (UI), Prof. Peter Olapegba, has revealed the institution's intentions to monetize its numerous innovations, research outputs, and knowledge for the advancement of the nation.
While receiving a delegation from Innovative United Kingdom Business Connect on behalf of the Vice-Chancellor, Prof. Kayode Adebowale, Olapegba mentioned that the university has established a committee aimed at commercializing the various patents and intellectual properties developed by experts and researchers across different departments and faculties.
He noted that throughout its 76-year history, the university has been able to utilize the extensive contributions of its research leaders to convert the knowledge generated into benefits for both local communities in Nigeria and the wider global audience.
Although the institution faces funding challenges, Olapegba affirmed that it has successfully fostered a culture of excellence in teaching and research. He expressed the university's willingness to collaborate with Innovate UK to commercialize its research outputs and enhance qualitative research through partnerships.
Dr. Joanna Scales, who led the visiting team and was joined by Dr. Pedro Carvalho, described their organization as one funded by the UK government to support research and innovation.
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She outlined Innovate UK's roles, which include providing direct assistance to universities, nurturing business concepts, and translating academic discoveries into products and services for commercial use.
Scales revealed that the organization is currently working on a program titled ‘The climate-smart agricultural partnership,’ aimed at fostering collaboration between the UK, Brazil, Ghana, and Nigeria to advance smart agricultural practices in Africa.
She remarked that this partnership will facilitate two funding competitions among the participants from the four countries, including staff exchange, travel support, and funding for collaborative initiatives between universities and businesses, as well as the commercialization of innovations.