Tag: Abiru

Nigeria risks falling behind in the global knowledge and technology race unless it urgently strengthens university-led research through adequate funding and sustained partnerships with industry, stakeholders have warned.

 Vice-Chancellor of Lagos State University of Science and Technology (LASUSTECH), Prof. Olumuyiwa Odusanya; the Senator representing Lagos East,  Tokunbo Abiru and  President of the Manufacturing Association of Nigeria (MAN), Otunba Francis Meshioye, made the call at the inauguration of the maiden LASUSTECH Research Innovation and Development Fair (LRIDF) 2025,  at the institution’s Ikorodu campus.

The fair, themed: “Rebuilding Nigeria’s Research and University System in a Fast-Changing Global Environment,” was positioned as a platform to bridge the long-standing gap between academic research and real-world industrial application.

Prof. Odusanya said no nation could attain greatness without building strong universities that function as engines of development, not only through teaching but through impactful research.

“For a nation to be great, it must build great universities,” he said, stressing the urgent need for a well-funded research ecosystem that delivers solutions to national challenges.

Drawing from personal experience,  the Vice-Chancellor said that he led the clinical trials for the conjugate pneumococcal vaccine currently used in Nigeria’s national immunisation programme, describing it as proof that university research can directly improve lives.

He urged Nigerian universities to move beyond basic research to translational and problem-solving research, noting that global advances in areas such as genetic engineering, quantum computing and telecommunications were driven by strong research–industry collaboration.

“Research cannot be done in isolation,” Odusanya said, adding that teamwork, industry partnerships and the ability to attract competitive grants were now indispensable.

According to him, the LRIDF was designed to encourage peer review, foster collaboration and showcase research prototypes with commercial potential. He also assured that the university would continue to support staff through TETFund grants and conference sponsorships, while appealing to industry leaders to invest in university research.

Senator Abiru warned that Nigeria would be left behind if it failed to reinvest in its universities and innovation systems.

“Nations that do not invest in research and human capital risk falling behind irreversibly. Nigeria must not be one of them,” he said.

He hailed LASUSTECH for initiating the fair, describing it as a step towards reimagining and reinvigorating the country’s research enterprise.

Acknowledging the abundance of talent in Nigerian universities, Abiru said inadequate funding, poorly equipped laboratories and weak industry linkages continued to limit their impact.

“Our universities must be transformed into hubs where knowledge translates into economic value and job creation,” he said.

The senator also highlighted ongoing government efforts to expand digital infrastructure, including the proposed 90,000-kilometre national fibre-optic project, which he said would support innovation and technology-driven growth.

Addressing students at the event, Abiru said: “The future of growth, the future of wealth, is in technology,” pledging to promote policies that strengthen Nigeria’s research ecosystem, including support for startups and university-based innovation.

MAN President, Otunba Meshioye, took a critical look at Nigeria’s position in global university rankings, citing the 2025 Times Higher Education World University Rankings dominated by institutions such as Oxford, MIT and Cambridge.

He said these universities excel because of strong research ecosystems, high-impact publications, international collaboration and deep integration with industry.

Meshioye attributed Nigeria’s poor showing largely to chronic underfunding, noting that the country invests less than 0.3 per cent of its Gross Domestic Product in research and development, far below the global average of 1.95 per cent.

“This underinvestment has a direct economic cost,” he said. “A country that underfunds research will overpay for imports.”

He lamented that many Nigerian research outputs remain trapped in theses and academic archives instead of being converted into patents, products and industrial solutions.

The situation, he added, is worsened by persistent brain drain, citing the exit of 239 professors between 2015 and 2023 due to poor remuneration.

“Research is not for decoration. It is for development,” Meshioye said. “When research does not reach industry, we lose twice – the money spent on it and the money used to import the same solutions.”

To reverse the trend, he proposed a five-point action plan, including co-created research between universities and industry focused on national problems such as power and food security; promotion of lecturers based on patents and partnerships, not just publications; and mandatory industry internships.

He also urged the Federal Government to meet UNESCO’s benchmark of allocating at least 15 per cent of the national budget to education and to provide tax incentives for companies that fund university research.

Meshioye called for a change in mindset, saying universities must see themselves as problem solvers, industry as partners, and government funding as an investment rather than an expense.

He assured that MAN was ready to work with LASUSTECH, describing the needed collaboration as a “new covenant between town and gown” to translate Nigeria’s talent and knowledge into sustainable national prosperity.

Senator representing Lagos East, Adetokunbo Abiru, has commended the Lagos State Independent Electoral Commission (LASIEC) over the conduct of credible local government election.

Abiru described it as fair and peaceful, stressing that it would deepen democracy.

Abiru, who voted at about 10.30 a.m. at Ward E Unit 11, said it was devoid of rancor.

He said: “I think from what I have seen, it is a very seamless exercise and we have to give very high accolade to the organizers starting from the commission, and all of the staff that are present and conducting the election.

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“You can see the orderliness and even the turnout is very encouraging and people are fully involved in the exercise and that is how the grassroot would continue to transform.

“I believe that this is how we can continue to deepen democracy and the interest of the people must be guarded and protected.

“From the main road to this place, you can see that there is a lot of tranquility.

“Everything is orderly. You can see the calmness. I don’t think there is anybody who want to foment or cause trouble.”

The Chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions Mukhail Adetokunbo Abiru has described unity as a criterion for nation-building.

In his Easter message, Abiru, who represents Lagos East District in the Senate, emphasized the importance of unity, tolerance, and peaceful coexistence among Nigerians, regardless of faith or background.

He urged Nigerians to reflect on the significance of Easter, embracing the values of love, sacrifice, and hope that it represents.

Abiru said: “As we commemorate the life, death, and resurrection of Jesus Christ, let us be guided by His teachings and strive for peaceful coexistence, as admonished in the Holy Scriptures,” Senator Abiru stated.

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Acknowledging that  the ongoing economic reforms,Abiru called for patience and understanding, noting that thepolicy decisions, spearheaded by President Bola Ahmed Tinubu, are yielding positive signs across sectors.

HD said:  “With continued support and collective effort, I believe we will overcome short-term challenges and build a stronger, more prosperous nation in the long term,” he added.

Abiru urged Christians, Muslims, and Nigerians of other faiths to pray for the country and support the President’s policy initiatives for the betterment of all citizens.

“May this season renew our hope, strengthen our unity, and inspire a collective commitment to national progress.”

The Senator representing Lagos East Senatorial District, Mukhail Adetokunbo Abiru,  has hosted Christians in the Senatorial District, under the auspices of the Christian Association of Nigeria, CAN, Lagos East for lent sermons and prayers.

Abiru had hosted thousands of Muslims across  Lagos East Senatorial for Ramadan lectures, with the grand finale attracting  prominent Islamic leaders and scholars  at the Ikorodu Eid Prayer Ground, Ota-Ona, Ikorodu.

In his exhortation, Rev. Omotoso Johnson, urged Christians to show kindness and mercy to fellow human beings during the lent period and after. He admonished them to learn from Abiru, who according to him has been doing good to all and sundry in the Lagos East Senatorial District.

Referencing Act 10 verse 38, : “How God anointed Jesus of Nazareth with the Holy Ghost and with power: who went about doing good, and healing all that were oppressed of the devil; for God was with him”, Johnson, tagged theAbiru Lent Sermon and Prayer session as celebration of doing good.

The Executive Director, Customer Centricity and Marketing, Galaxy Backbone Limited, Hon. Olusegun Olulade who represented Abiru urged Christians to be steadfast in their prayers for the restoration of the nation.

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He said: “The Christian community must continue to be a refuge for the weak, and a pillar of hope for our society. Through active participation in civic responsibilities, community service, and intercessory prayers for our leaders and nation, we can help transform Nigeria into a land of prosperity and peace.

“The Bible reminds us in 2 Chronicles 7:14: “If my people, who are called by my name, will humble themselves and pray and seek my face and turn from their wicked ways, then I will hear from heaven, and I will forgive their sin and will heal their land.

“Now more than ever, we must come together in unity and fervent prayers for our nation. Let us pray for peace, progress, and prosperity in Lagos East, Lagos State, and Nigeria as a whole. Let us also pray for wisdom and divine guidance for our leaders at all levels so that they may govern with righteousness and fairness.”

The leader of CAN in the district, Rev Joshua Ojo hailed the senator for his fairness and equity in dealing with all constituents irrespective of their religious persuasions.

Tokun Abiru has urged governments, politicians and private sector to pay attention to the challenge of preparing youths for the future.

The senator and his wife, Feyisara, visited the ‘Iconic SAIL Innovation Lab and Sport Centre in Ibeju-Lekki and the palace of Onimedu of Orimedu, Oba Toheeb Oyedele, where he explained the import of the initiative to the monarch.

Abiru, who represents Lagos East, was accompanied by Mr. Wahid Oshodi, president of  African Table Tennis Federation and executive vice president of International Table Tennis Federation.

The facility is on a sprawling 8,600 square metre prime land, on the road leading to Lekki Free Trade in Ibeju-Lekki.

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 It is designed for a standard football pitch measuring 90 by 45 feet, with a standard indoor table tennis court, with changing rooms facility and catering service area.

The Innovation Lab section will accommodate 200 trainees and co-working spaces, with the complement of operational offices at the ground and first floors.

Abiru hailed the monarch, chiefs and community for their support and co-operation.

He said: ”The innovation lab and sports centre are more than structures; they are symbols of hope, progress, and the future; a future of opportunities for innovation, empowerment, and youth development”. “The world today is driven by innovation and technology. We must position our young ones for the opportunities this era of innovation and tech revolution provide. Just as we have done in Ikorodu, we are building a world-class and inspirational facility here, where our young people will be eager to stay and learn.”

The Chairman Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Adetokunbo Abiru has said that the new Senate Bill on factoring assignments and receivables financing will activate the growth of Micro Small, and Medium Enterprises (MSMEs) in Nigeria.

Abiru stated this in an interview with journalists in his office at the National Assembly in Abuja.

The Senate had on Thursday passed for a second reading, a bill for an act to create a legal framework for factoring assignments and receivables financing in the country.

Abiru, who represents Lagos East Senatorial District in the Senate said the proposed legislation would support trade transactions and agreements involving large corporations and the MSMEs.

He said when passed into law, the proposed legislation would to a great extent, create certainty, transparency, and adequate protection for the interests of creditors and debtors in order to promote the availability of capital and credit.

Abiru sponsored the proposed law which was titled: “Factoring Assignments and Receivables Financing Bill 2023.”

He said it would also facilitate domestic and international trade.

Abiru said the bill seeks to create an avenue where the interest of contractual rights to payment of a monetary sum by a debtor is transferred by agreement to a third party called the factor.

Abiru said: “It is a service involving financial transaction receivables (i.e. invoices) to a third party called the factor, with the factor assuming full credit and collection of responsibilities.”

He said the bill would assist SMEs to get funding from banks and financial institutions, for supply orders already obtained from big corporations on trust.

Abiru said: “It was necessary to have a formal structure whereby we can help most of our micro, small and medium enterprises.

“What happens is that small businesses do a lot of business transactions with big companies like Nestle, Cadbury, and others.

“The big companies, because of their strength will buy goods or trade from the smaller companies typically on a credit basis and they won’t pay cash because of the financial muzzle they have.

“Factoring is recognised as a type of supplier financing in which firms sell their credit-worthy accounts receivables at a discount (equal to interest plus service fees) and receive immediate cash.

“Basically, it is the practice whereby a company, having supplied goods to a buyer then goes ahead to “sell” the invoice to a third party who assumes the responsibility of collecting the debt owed to the supplier by the buyer.

“Factoring, widely used worldwide, is, among other things, a very flexible means of providing working capital finance to a supplier of goods and services.

“Factoring has been considered a stable financing alternative by many companies, particularly during the financial crisis over the last five years.

“Debt factoring has gained global recognition as a financing mechanism because it helps with improving a company’s cash flows and enhanced credit management.

“It also enables a company to have increased competitiveness in the global marketplace, especially in structured trade finance.

“In Nigeria, for instance, the Central Bank of Nigeria (CBN) recognises debt factoring as one of the permissible activities of finance companies and the Nigerian Export Promotion Council (NEPC).

“The CBN has also introduced factoring and forfeiting as instruments for the financing of export and trade to boost the volumes of export from the country.

“It is for that reason that this bill is being sponsored to create a regulatory framework that would facilitate the development of debt factoring as an alternative means of financing for domestic and international trades in Nigeria and to provide an enabling environment for it to thrive.”

He added that the Bill presented one of the best opportunities to introduce something new and impactful into the regulatory environment for MSMEs in Nigeria.

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Abiru said: “Despite the increasing prominence of factoring globally and in Africa, Nigeria is yet to tap into this financing mechanism.

“According to Afreximbank, which is the major promoter of factoring in Africa, the continent accounted for less than 1 percent of global factoring volumes in 2017.

“This would go a long way in closing the trade/MSMEs finance gap in the country.

“The speedy passage of the Bill with your support will promote a suitable regulatory and legal environment to support the rapid development of factoring services.

“It would also contribute towards integrating Nigeria into the global factoring market and enable it to tap into €2.6 trillion global factoring market.”