Opportunities, Challenges and Lessons Learned from Setting up the First University-Embedded Incubator and Science Park in the West African Sub Region

The pace of technological advancement in the developed world especially in the turn of the 4th industrial revolution- the era of Artificial Intelligence, Machine Learning, Blockchain Technology, Big Data, Cloud Computing and Internet of things- has motivated the developing countries such as Nigeria into making efforts to enhance her technological competitiveness. The University of Nigeria, the 2018 most innovative university award winner, took the lead in innovation in West Africa by setting up the first university-based science park and innovation hub.  The task of setting up and running these centres has brought about many benefits, challenges and lessons. In this paper, the authors share their experiences so far and lessons learned in setting up and running these centres in a university in Nigeria, the challenges of putting a governance structure in place and cultivating the culture of innovation in Nigeria,  the opportunities in the Nigerian Innovation ecosystem and finally some recommendations.