Diversification of the Nigerian Economy: Creating a Partnership between Town and Gown

Abstract

Diversification of the Nigerian economy is non-negotiable, and partnership among stakeholders is necessary. However, there appears to be a disconnect between the academic institutions and the society they serve, one of the symptoms being the high youth unemployment in the country. This study examined how creating a partnership between town and gown can aid the diversification drive of the Nigerian economy. A qualitative research method was adopted; the paper therefore relied on existing literature to draw its conclusions. The study revealed that improving the educational and research institutions will bring about improvement in the outcome of the diversification drive by the government; and that an improved relationship between town and gown and the creation of effective educational policies will enhance the acceptability and the relevance of outputs from the educational system by the productive sectors of the economy. The study recommended that: educational policies should promote entrepreneurial skills transfer to strengthen the partnership between town and gown; actions should be taken to transform the educational system to be able to develop knowledge-based products and services for export and local consumption. The paper concluded that until there is an appropriate partnership between educational and research institutions and the society, the diversification of the economy may be an unreachable dream.