Akobo Unveils Plan to Transform Nigerian Universities’ Impact

Renowned entrepreneur and innovation expert Dr. Daere Akobo has called for a fundamental rethink of Nigeria’s approach to innovation, urging a joint-venture model that integrates entrepreneurship, technology, sustainability, and human capital to drive national economic growth. He made this call during a lecture at Rivers State University’s combined 37th and 38th convocation ceremony, where he highlighted the country’s innovation gaps and outlined strategies for progress.

Addressing an audience of 13,242 graduates at the Nkpolu-Oroworukwo campus, Dr. Akobo stressed that innovation is critical to unlocking Nigeria’s potential. In his lecture titled “Joint University-Industry Ventures: The Entrepreneurship, Technology, Sustainability, and People Nexus for Rivers State University,” he emphasized the urgent need for Nigerian universities to collaborate with industry to spur practical, marketable innovation.

“This country is oversized… You need to be innovative. Innovation starts with critical thinking,” he told graduates, urging them to think creatively and develop solutions to Nigeria’s challenges.

A proud alumnus of RSU, Dr. Akobo returned to inspire graduates to become agents of change. He recounted his journey from earning a degree in applied physics at RSU to building PANA Holdings, a conglomerate with interests in energy, technology, telecommunications, and real estate, illustrating the potential of translating ideas into impactful businesses.

Highlighting Nigeria’s poor record of innovation, he cited a startling statistic: the country produces just two patents per million people annually, a figure far below global benchmarks such as MIT and IIT Madras, which have created thriving ecosystems around intellectual property and commercialization.

“How many of you have patents?” he asked the audience. “In Nigeria, the entire NNPC has fewer than three patents. Innovation must move beyond exams—universities must graduate students with commercially viable patents.”

Dr. Akobo envisions Rivers State University transitioning from producing graduates with theoretical knowledge to cultivating innovators capable of generating marketable intellectual property. He shared examples from his own career, including transforming university inventions into businesses and submitting proposals to address national challenges like farmer-herder conflicts in Northern Nigeria.

He also introduced the concept of the triple helix—collaboration among academia, industry, and government—as a blueprint for economic growth, knowledge transfer, and technological advancement. Modern universities, he argued, cannot operate in isolation; they must embed industry realities into curricula, co-create technology, and collaborate with government on supportive policies.

Dr. Akobo challenged RSU to become a globally competitive knowledge hub comparable to MIT, Harvard, and Stanford—not in size, but in the quality of ideas it produces. He stressed that Nigeria’s economic future depends on universities that anchor proprietary software, generate commercially valuable patents, and cultivate innovators engaged in global markets.

Pointing to Nigeria’s dependence on foreign-developed software, he urged RSU’s petroleum engineering faculty to develop indigenous solutions for over 750 critical platforms currently imported, emphasizing the lost revenue and innovation opportunities this represents.

Dr. Akobo also distinguished between government extractive capacity—the ability to mobilize resources—and directive capacity—the ability to allocate resources toward national priorities. He called on the Rivers State government, led by Governor Siminalayi Fubarato, to strengthen the latter.

Reflecting on international benchmarks, he cited IIT Madras as a model for research-driven economic impact, calling on RSU to establish technology hubs that attract corporate partnerships and research funding. “Academic output must translate into commercial ventures,” he said, highlighting ongoing sustainable development efforts at RSU, particularly in clean energy research.

He warned against a “mental box” that limits regional ambition, quoting South African activist Steve Biko, and urged graduates to shed self-deprecation and fear of failure. Dr. Akobo shared personal examples of overcoming local skepticism and deliberately creating economic opportunities in Rivers State, including his Port Harcourt office that employs 150 people and contributes to local taxes.

Addressing common misconceptions about his family connections, he clarified that his success was self-made, not reliant on political ties.

Dr. Akobo also shared his “Five P’s of Business Success” framework:

Purpose – clarity of mission;
Philosophy—guiding principles and worldview;
Process—systems and technology enabling execution;
Product – the solutions and services offered;
People—the team that drives success.

He cautioned against the “three F’s” to avoid in business: family, friends, and fools—anyone who undermines vision or focuses on problems rather than solutions. He highlighted the distinction between mere profit and true prosperity, emphasizing value creation and gratitude in transactions.

Drawing inspiration from Steve Jobs’ Stanford commencement address and The Whole Earth Catalogue, Dr. Akobo encouraged graduates to “stay hungry, stay foolish,” clarifying that this means maintaining perseverance, discipline, and consistency in the face of a volatile business environment.

Concluding his lecture, he challenged graduates to act on their dreams without delay. “A dream without a deadline is a nightmare. Why wait for tomorrow to begin what you could have started yesterday?”

Dr. Akobo holds postgraduate qualifications from the Federal University of Technology, Owerri, and has completed executive programs at Harvard Business School, INSEAD, and Manchester Business School. He was recently awarded an honorary Doctor of Business Management by Obafemi Awolowo University.