TETFund: FUTO gets N10bn for its research and technology park

The Tertiary Education Trust Fund (TETFund) has backed the Research and Technology Park project of the Federal University of Technology (FUTO), Owerri, Imo State with N10 billion.

The Tertiary Education Trust Fund (TETFund) has backed the Research and Technology Park project of the Federal University of Technology (FUTO), Owerri, Imo State with N10 billion.

FUTO Vice-Chancellor, Professor Chigozie Asiabaka, said this during a recent interview.

Asiabaka said TETFund will commit a total of N10 billion into the project, adding that N1 billion has already been released.

“We are working on a research and technology park; and TETFund has committed the initial N1bn into the project which will cost more than N10bn," he said.

The Vice Chancellor said the park will bring theoretical studies and practice together with commercial output.

"In a fully developed technology park, you see industry, theory and practice.

"We do the triple part of it-get research; get it patented; get it commercialised and when we complete the project, it will be an industrial hub because no country can develop without technology and technology park is the key.’’

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He noted that the project will benefit both the private and public sectors of the economy.

"A research and technology park basically is where we partner industry, the private sector and then do research for development."

TETFund was established to provide focused and transformative intervention in public Tertiary Institutions in Nigeria through funding and effective project management.