An Oxford University trained Programme Strategist and Pan-African Development Adviser Mr. Temitope Toogun, has outlined how Nigeria can combine technology and entrepreneurship to build a trillion dollar economy through Technopreneurs.
Mr. Toogun, who is also the Chief Executive Officer of Cognity Advisory, Abuja, stated this while delivering the Entrepreneurship Eminent Personality Lecture commemorating the World Creativity and Innovation Day and World Entrepreneurship under the aegis of the Department of Entrepreneurship, School of Logistics and Innovation Technology Federal University of Technology Akure, FUTA on Tuesday June 30,2026.
Speaking on the topic “Building a Trillion-Dollar Nigerian Economy ,Leveraging Technopreneurial Education,” Toogun defined technopreneurship as the fusion of technology and entrepreneurship, where businesses are built around technology rather than simply using it.
He described a technopreneur as one who combines technical skills with business strategy to create disruptive products through AI, software, and other technologies.
“Examples include software development, e-commerce, health technology, fintech, and artificial intelligence related businesses,” Toogun said. He argued that Nigeria’s forty million registered SMEs, with only about five thousand employing up to five people, cannot scale the economy alone.
Toogun said only a fusion of technology and entrepreneurship can take Nigeria to the league of countries with Trillion Dollar Economy. He noted that only about twenty countries have economies above one trillion dollars, led by the United States and China, while Nigeria’s GDP in 2025 is estimated between 375 and 500 billion dollars.
To reach the one trillion dollar target and projections of 4 trillion dollars by 2035 and 11.7 trillion by 2050, he said the country must achieve 10-12% annual growth under frameworks like the Renewed Hope Agenda. He stated that while GDP growth has improved to 3.9%, reserves are at 42 billion dollars, and as debt has reduced, challenges remain which he said includes high food inflation, widespread poverty, over 70% of children unable to read basic text, and the weak contribution of Some and Medium Enterprises to GDP.
Toogun ,represented by Professor Ayodele Ajayi, said in the era of the Fourth Industrial Revolution, Nigeria must shift toward technology-driven enterprises to create jobs and close the economic gap.
Dr. David Ilori Head of Department of Entrepreneurship, in his contribution stated that the traditional university model focused on preparing graduates for scarce jobs must shift to one that empowers students to create jobs, solve problems, and innovate. He noted that technopreneurial education has become indispensable if Nigeria is to attain its envisioned trillion-dollar economy.
According to him, universities and tertiary institutions must function as incubators of innovation and enterprise, creating an enabling environment where research findings are commercialized, innovative ideas are incubated, and students are empowered to become creators of wealth rather than seekers of employment. Dr. Ilori further emphasized the need to establish innovation hubs and business incubation centers, while encouraging the commercialization of research outputs to transform business ideas into scalable enterprises. He concluded that achieving this vision requires stronger partnerships between academia, industry, government, and development agencies.
Speaking at the event, The Vice Chancellor, Professor Adenike Oladiji, affirmed that FUTA, as a university of technology, stands at the intersection of knowledge creation, innovation, and societal transformation. She said the university’s mandate now goes beyond transmitting knowledge to producing solutions and graduates equipped with competencies, creativity, and the courage to create wealth and employment.
She described the one trillion dollar economy as an achievable goal, stressing that “whatever can be imagined can be created” and that failure is not an option.
Professor Oladiji emphasized that in the twenty-first century, technology is at the heart of everything, and entrepreneurs must become technopreneurs. She stated that FUTA has aligned its programs with this reality through entrepreneurship development, innovation, industry collaborations, and practical training, with the aim of producing job creators rather than job seekers. She charged the awardees present to serve as a bridge between students and the future of entrepreneurship in Nigeria.
The Dean School of Logistics and Innovation Technology FUTA, Professor Olayemi Simon-Oke, said the theme calls for honest reflection and prompt strategies to advance industrialization in the digital economy and ensure economic sustainability.
He noted that today’s focus was on recognizing and awarding individuals who have contributed to Nigeria’s industrial landscape. Professor Oke stressed the need to strengthen entrepreneurship education in the university to make it the economic backbone of the nation. He called on stakeholders, government and industry to form a united force and a strong network of support, and pledged the School of Entrepreneurship’s commitment to the industrial sector.
He also commended the Department of Entrepreneurship for the annual initiative and appreciated the Vice Chancellor for providing an enabling environment for entrepreneurship education to thrive.
Professor Abolaji Dada, Chairman of the Organising Committee, expressed appreciation to the Vice Chancellor, the Dean, distinguished guests, awardees, faculty, students, and all participants who attended and contributed to the success of the ceremony. He said the event had achieved its purpose of spotlighting technopreneurial education as the pathway to Nigeria’s trillion-dollar ambition, and he thanked everyone for their time, support, and commitment to the Department’s vision.
He said the Entrepreneurship Eminent Personality Lecture and Distinguished Awards of Excellence Ceremony reaffirmed FUTA’s role as a driver of innovation and enterprise in Nigeria.