A Former Governor of Ekiti State, Kayode Fayemi, on Monday, emphasized the crucial role of creating products and services from very few resources in poverty alleviation and industrial growth in the country.

He said maximising frugal innovation is the best approach to grow Nigeria's economy at this crucial stage of the country's development.

Speaking at the OAUTEK International Conference 2024, held at the Obafemi Awolowo University, OAU, Ile-Ife, Osun State, Fayemi identified frugal innovation as a strategic approach which will not only address the socio-economic challenges facing Nigeria but also transform its economic landscape.

Represented as the keynote speaker by ex-Nigeria's envoy to the Netherlands, Eniola Ajayi at the event themed, "Fast-Tracking Industrialization through Frugal innovation" , Fayemi called for stronger commitments from the government and private sector toward research and development.

According to him, the path to fast-tracking industrialization in Nigeria lies in our ability to harness the power of frugal innovation.

"By investing in research infrastructure and fostering stronger collaboration between academia and industry, we can develop solutions that are affordable, scalable, and locally relevant.

"Through frugal innovation, we can create the industries of tomorrow, industries that not only lift millions of Nigerians out of poverty but also make Nigeria a global leader in sustainable, innovative manufacturing."

In his remark, OAU's Vice-Chancellor, Professor Simeon Bamire frugal innovation goal is not only to create individual solutions but to integrate them into a larger ecosystem that uplifts communities, create jobs, and meets essential needs across agriculture, power, construction, and manufacturing.

Also speaking the Dean, Faculty of Technology, Professor Lasisi Umoru disclosed that the event was carefully designed to align with Nigeria's priority with a view to address urgent needs across sectors.