Ekiti state university launches N1 billion fund to boost agro-tech startups

Ekiti State University’s Chancellor, Dr. Tunji Olowolafe, unveiled an N1bn Innovation Fund during the institution’s 28th convocation held on April 3-4, 2024.

The fund aims to support agro-tech enterprises established by students and graduates, emphasizing innovation in agriculture to enhance food security nationwide.

In his address, Olowolafe stressed the importance of driving innovation and entrepreneurship in agriculture, citing its potential for economic growth.

He proposed leveraging the university’s fertile lands for agricultural purposes, allowing students to lease plots for farming while gaining practical experience and income.

He said, “Agriculture stands as the backbone of our nation, and it is here that I see the greatest potential for innovation and economic prosperity.

“The N1bn Innovation Fund is designed to empower agro-tech companies founded by present graduates and students of our great Ekiti State University.”

Furthermore, the chancellor urged active involvement from students and academics in food production efforts, advocating for a collective approach to address food security challenges. He encouraged the exploration of opportunities across the agricultural value chain, including agri-logistics and app development.

Olowolafe also announced plans to engage 100 of the university’s brightest minds in global business process outsourcing, aiming to enhance their contribution to the economy.