Biotech: Nigeria’s path to economic diversification and sustainable growth, Don

A professor of Medical Microbiology and Microbial Genetics, Professor Emmanuel Olufemi Ekundayo in the department of Biotechnology at the Federal University Lokoja has said that investment in biotechnology presents opportunities for economic diversification and sustainable development in Nigeria. Professor Ekundayo disclosed this yesterday at the 34th Inaugural lecture of the University held at its Adankolo […]

A professor of Medical Microbiology and Microbial Genetics, Professor Emmanuel Olufemi Ekundayo in the department of Biotechnology at the Federal University Lokoja has said that investment in biotechnology presents opportunities for economic diversification and sustainable development in Nigeria.

Professor Ekundayo disclosed this yesterday at the 34th Inaugural lecture of the University held at its Adankolo -Lokoja campus titled :“Biotechnology: The Science, the Products, and the Business –Harnessing Indigenous Bioresources for National Bioeconomy.

He contended that the country has rich biodiversity, a growing youth population, and increasing demand for food and healthcare that can sustain successful biotechnology business sector in the country and most African countries.

The Don stressed that Local entrepreneurship, when supported by incubators, venture capital, and regulatory clarity, can position biotechnology as a driver of innovation-led economic growth.

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He added that the investment in Biotechnology encompasses not only the commercialization of products but also the creation of economic value, jobs, and industries; stressing that the business of biotechnology is about transforming lives, industries, and nations.

Professor Ekundayo stressed further that Entrepreneurship in biotechnology holds vast potential to transform economies and societies by addressing pressing global challenges in health, agriculture, and sustainability.

“Biotechnology as a business is the bridge between laboratory discovery and societal impact.The continent has the potential to build bio-based industries that create jobs and reduce import dependency

“Developing a successful biotechnology business sector in Africa will require strategic investment in capacity building, supportive policy environments, technology transfer, and partnerships between academia, government, and industry

“Key opportunities lay in biopharmaceutical manufacturing, agricultural biotechnology for climate-smart farming, and bio-based enterprises that convert local biomass into fuels, fertilizers, and specialty chemicals

“Ultimately, biotechnology entrepreneurship is not merely about starting businesses , it is about translating science into innovation that bridges the gap between discovery and societal needs”, said Don.

He said Africa, and Nigeria in particular must now rise to the challenge of embedding biotechnology into national development strategies, since the global North has made it a cornerstone of its knowledge economy.

He added : “For Africa and Nigeria in particular, biotechnology offers a pathway to diversify economies, strengthen health systems, improve agricultural productivity, and enter the global knowledge economy.

“To achieve this, we must commit to deliberate investment, enabling policies, and visionary leadership that can turn science into sustainable business, and business into societal progress”.

However, he said, harnessing this potential requires not only science but also business acumen, policy innovation, and investment in the bioeconomy.

Professor Ekundayo who said his dream is to have an Institute of Biotechnology at Federal University Lokoja stressed that
“the time has come for our university to lead not only in knowledge generation but also in knowledge application, transforming laboratory discoveries into tangible benefits for farms, markets, and communities

“Let us be the generation that through innovations and discoveries harnesses the power of biotechnology to convert our bio-resources to products, and from products to enterprises that impact our lives positively. We have the resources. We have the potential. What we need is the will to get it done”.

In his remarks, the Vice Chancellor of the federal university Lokoja, Professor
Olayemi Akinwumi said inaugural Lecture is not just an ordinary academic ritual, but a deeply symbolic and historic academic event in university.

He said : “It is the platform through which a scholar formally presents to the academic community and the public his or her journey in research, teaching, and service.

“It provides an opportunity for the audience to gain insights into the lecturer’s field of study, their contributions to knowledge, and how such work impacts society.

“It is also a means of boosting research activities within our university; stimulating collaboration, innovation, and creativity”.

The Vice Chancellor added that the University considers the Inaugural Lecture series as one of the important avenues through which it project the intellectual wealth of the staff to the nation and the world.