The Managing Director of the Bank of Industry, Mr. Olukayode Pitan, has urged State and Federal Governments to establish more universities of technology to drive development.
Pitan gave the advice during the ancillary meeting at the 25th Nigerian Economic Summit in Abuja on Tuesday.
The 2019 summit has as its theme: “Nigeria 2050 Shifting Gears”.
He said the country must identify the kind of education that would guarantee accelerated development.
He said other developed countries like the United States and India gave a lot of priority to technological education.
According to him, there is no doubt that investing in education is key to ensuring rapid growth and development.
He, however, urged those intending to start Micro, Small and Medium Enterprises (MSME) not to rely on bank loans alone but to source for funds from family and friends.
“Character is credit. Those with good character can easily access funds from friends and relatives,” he said.
The Deputy General Manager of Abuja Enterprises Agency, Mr. Shehu Abdulkadir, also called for a merger of MSMEs to be more productive.
Abdulkadir explained that merging small businesses would address the collapse of enterprises which often arise after a few years of establishment.