The University of Ibadan is set to celebrate its 70 years anniversary even as the Vice Chancellor of the Institution, Professor Idowu Olayinka said that the university needed additional N30 billion in the next 10 years to achieve world-class standard.
At a news conference in Ibadan today, Saturday, Professor Olayinka said: “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.”
The Vice Chancellor said that the institution is exploring ways to make itself less dependent on government funding.
“We are adopting a two -pronged approach involving a resource mobilization plan and prudent management of the available resources.”
According to him, elements of these include regular income from commercial activities and increasing the endowment fund, research grants and the strategic funds, adding 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.