The University of Ibadan would need additional N30 billion in the next 10 years to achieve world-class standard.
According to the vice-chancellor, Prof Idowu Olayinka, “For us to be a world-class university, we need to invest heavily in physical and infrastructural facilities, to address the acute shortage of office space for staff, classrooms and laboratories.”
Olayinka said on Sunday that many of the alumni of the institution hold or have held high profile positions in various segments of the economy, both locally and internationally.
This is just as he said Nigeria’s first university has produced 232,225 graduates since inception 70 years ago, an official has said.
“As at the end of last session, we had a total of 35,084 students, comprising 14,354 undergraduates, 9,287 distance learning and 11,443 post graduate students,” he said.
He highlighted that as part of the plans of the university to commemorate its 70th year anniversary, some respected individuals in the society will be given honorary awards. They include Bode Akindele, Bolanle Awe, Grace Alele Williams, Akin Maboguje, Funmi Olapade and Omoniyi Adewoye, all professors except Ms Olapade identified a Dr.
He said the institution was exploring ways to make itself less dependent on government funding. “We are adopting a two-pronged approach involving a resource mobilisation plan and prudent management of the available resources.”
According to the don, elements of these include regular income from commercial activities and increasing the endowment fund, research grants and the strategic funds. Mr Olayinka said that other means would be to consolidate the businesses established by the university. Such businesses include the UI Microfinance Bank, UI Ventures, UI Water, Animal Production Venture, Fisheries and Aquaculture, UI Publishing House, UI Endowment Fund and the UI Bookshop.
He said that the university was currently getting about N13 billion yearly.
“Presently the institution’s subvention is about N13 billion, which is a far cry from what is needed to maintain the institution. Out of this N13 billion, salaries are paid, electricity bills which run to millions of naira is paid, water and health care are provided among other things. If the premier university is properly funded, within a shortest possible time, it would be among the top five in Africa and top 100 in the world,” he said.