Don makes case for knowledge economy

By Sade Adewale, Ondo


President of Nigeria Academy of Letters, Prof. Sola Akinrinade, has called on the Federal Government to implement policies that can foster the use of knowledge for social and economic advancement.

While delivering the 10th distinguished lecture of the University of Medical Sciences, Ondo, Akinrinade added that the government must sponsor substantial research to achieve public goals and the development of new technologies.

According to him, if Nigeria makes progress in attaining its ambitions, policymakers will have to create more synergy between the government, the universities and the industries rather than persist in despising knowledge, which appears to be the current reality.

 He added the urgent need to build the capacity of researchers to engage in cutting-edge research rather than mere redistribution of knowledge and create an enabling environment for research to thrive.

He added that the knowledge economy can minimise the negative impact of geographic location: 

Akinrinade stated that finding new production and marketing methods can increase productivity and profitability, among other benefits for developing countries.

He underscored the relevance of good governance to achieving economic, political, and social development and encouraging innovation.

Akinrinade added that investments in education and training, innovation and technological adoption, the information infrastructure, and a conducive economic incentive and the institutional regime are necessary for sustained creation, adoption, adaptation and use of knowledge in domestic economic production, which will consequently result in higher value-added goods and services.

Speaking, the university’s Vice Chancellor, Prof. Adesegun Fatusi, said the university would continue to prioritise and fund research for development.

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