Ekiti State University Launches N1 Billion Agro-Tech Innovation Fund

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The Chancellor of Ekiti State University, Dr. Tunji Olowolafe, has introduced a groundbreaking initiative – a N1 billion Innovation Fund aimed at supporting agro-tech ventures initiated by the university’s students and alumni.

During the 28th convocation of Ekiti State University held on April 3-4, 2024, Dr. Olowolafe emphasized the critical importance of fostering innovation and entrepreneurship in agriculture to enhance food security nationwide. He underscored the significant potential for innovation and inclusive economic growth within local agricultural communities.

Dr. Olowolafe stated, “Agriculture serves as the backbone of our nation, presenting immense opportunities for innovation and economic prosperity. The N1 billion Innovation Fund is dedicated to empowering agro-tech startups founded by our current students and graduates.”

Furthermore, he encouraged students and faculty members to actively participate in food production initiatives. He proposed the utilization of the university’s fertile lands for agricultural purposes, allowing students to lease small plots for farming activities. This approach not only provides hands-on farming experience but also offers a source of income for the participants.

Dr. Olowolafe highlighted the importance of food security, urging individuals to consider the production and sourcing of their food. He emphasized the role of both academic and student communities in contributing to agricultural production.

Additionally, the chancellor urged students to explore various opportunities within the agricultural value chain, including grains, vegetables, poultry, fisheries, as well as agri-logistics and app development.

To further empower students, Dr. Olowolafe announced plans to engage 100 of the university’s brightest minds in global business process outsourcing, enabling them to make significant contributions to the economy.

The introduction of the N1 billion Innovation Fund marks a significant step towards promoting agro-tech entrepreneurship and fostering sustainable agricultural practices within Ekiti State University and beyond.

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