TETFund and NACCIMA Signed MOU to form a Strategic Alliance to Drive Knowledge-Driven Economic Growth

TETFund and NACCIMA Signed MOU to form a Strategic Alliance to Drive Knowledge-Driven Economic Growth

A landmark Memorandum of Understanding (MOU) has been signed between the Tertiary Education Trust Fund (TETFund) and The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), heralding a new era of collaboration aimed at strengthening Nigeria’s development through knowledge, innovation, and robust industry-education partnerships.

The signing ceremony, attended by key stakeholders from both organizations, at TETFund Head Quarters Abuja, signifies a commitment to fostering an innovation-driven and globally competitive economy.

The President of NACCIMA, delivering a passionate address, emphasized that today’s event transcends a mere formality. “This represents a strategic partnership anchored on a shared belief that Nigeria’s development must be driven by knowledge, innovations, skills, enterprise, and strong industry-education collaboration,” he stated.

He highlighted the critical need for industries to have access to graduates equipped with practical skills and the ability to solve real-world problems, while simultaneously providing research institutions with clear pathways to commercialize their knowledge and technologies.

The MOU is poised to deliver significant benefits, creating a “win-win” scenario for both TETFund and NACCIMA. For the business community, it unlocks structured access to the private sector, enabling industry-informed research, stronger linkages for internships and industrial attachments, and enhanced opportunities for commercializing innovations emerging from tertiary institutions.

This will empower NACCIMA to shape the skills pipeline, guide research priorities towards industry needs, and ultimately cultivate a more competent workforce that enhances productivity, competitiveness, and investment.

“The private sector will also stand to benefit from new research outputs, innovations, and technologies that can be scaled into viable enterprises,” the NACCIMA President added.

Furthermore, the partnership directly addresses the national imperative of promoting skills development, enterprise growth, industrialization, and job creation. It aligns seamlessly with government priorities and contributes directly to Nigeria’s economic diversification agenda by bridging the gap between academia and industry.

The MOU establishes a framework for co-creation, capacity building, knowledge transfer, and the promotion of innovation ecosystems across the country.

NACCIMA views this partnership as a long-term strategic relationship, with a commitment to ensuring that the MOU’s objectives translate into concrete programs, measurable outcomes, and sustainable impact. “We will mobilize our Chambers, engage our sectoral groups, and work closely with TETFund to ensure effective implementation,” the NACCIMA President assured.

He lauded the Executive Secretary of TETFund and his management team for their vision, openness, and commitment to collaboration, noting that their readiness to engage the private sector is a strong signal of Nigeria’s movement towards the integrated, innovation-driven economy envisioned by all.

The initiative also aligns with President Bola Ahmed Tinubu’s education reforms under the “Renewed Hope” agenda, which aims to strengthen TETFund through improved funding efficiency, upgraded research infrastructure, and a renewed focus on skills-driven and technology-based learning.

These reforms are expected to enhance TETFund’s capacity to support industry-relevant research, modernize laboratories, and produce graduates better prepared for today’s economy.

NACCIMA’s commitment extends to its broader economic agenda, including its drive towards achieving a $1 billion economy by 2030. The association is actively establishing structures like “NACCIMA Global” to extend its reach into international embassies and stations, aiming to attract investors, facilitate the internationalization of Nigerian businesses, and promote export-oriented industries.

In closing, the NACCIMA President affirmed that the MOU is “the beginning of a long and purposeful journey” to build a stronger education-industry nexus, enhance national competitiveness, and unlock new opportunities for the nation’s youth and businesses. He pointed to ongoing engagements, such as the initiative with the University of Lagos to train student entrepreneurs through NACCIMA Youth Entrepreneurs clubs, as a testament to their proactive approach.

Responding, Arc. Sonny Echono, the Executive Secretary of TETFund, expressed immense delight on behalf of the Board of Trustees, noting that the MOU represents the culmination of ongoing efforts.

He acknowledged that while TETFund and NACCIMA have collaborated previously, it was under the current NACCIMA presidency that a deliberate impetus was given to this partnership, with a strong focus on research, innovation, and producing industry-ready graduates.

Arc. Echono emphasized that the MOU is at the heart of President Tinubu’s desire to foster an economy dependent on the skills and enterprise of Nigerian youth, harnessing the nation’s vast human and material resources for development.

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He highlighted the diligent work of a joint steering committee in crafting the MOU.

The core objectives of the MOU, as outlined by Arc. Echono, include:

Promoting research and innovation that address both industrial and societal needs.

Facilitating the commercialization of research outcomes for the benefit of Nigerian industries and the national economy.

Strengthening capacity building, skills development, and entrepreneurship initiatives for youths, scholars, and professionals.

Encouraging investment and joint ventures between academia and industry.

Supporting policy advocacy and knowledge sharing for sustainable development.

Promoting job creation, startup growth, and inclusive innovation through research and development.

“We are confident that we have enough men and women, scholars and students in our academia who can serve as incubation hubs for the ideas and solutions our industry requires,” Arc. Echono stated, expressing belief that this partnership will drastically stimulate economic growth by harnessing the talent of Nigerian youth and equipping them with the right skill sets, including critical thinking, cultural awareness, and problem-solving.

TETFund reiterated its commitment to this collaboration, aiming to create a positive impact on the Nigerian economy and looking forward to swift implementation.

The signing of this MOU marks a significant milestone in forging a synergistic relationship between Nigeria’s educational institutions and its vibrant business sector, paving the way for a more prosperous and innovative future.