The grant would be used to establish an African Centre of Excellence.
The Obafemi Awolowo University, OAU, Ile-Ife, has received a grant of $8 million (N1.3 billion) from the World Bank.
This is contained in statement signed by Abiodun Olarewaju, the Public Relations Officer of the University and made available in Osogbo on Wednesday.
Mr. Olarewaju said that the grant would be used to establish an African Centre of Excellence with specific focus on the University Knowledge Park (OAK-Park).
The PRO quoted the Vice Chancellor of the university, Bamitale Omole, as saying that the OAK-Park will “create a nationally recognised and internationally acknowledged model for research and technology’’.
Mr. Omole said that the centre would ensure the systematic incubation of research ideas and products from OAU and other partnering institutions in West African.
“The objective is to annex the creative and innovative energy of the teeming youths into entrepreneurial endeavour by using appropriate skill-enhancing training and mentoring.
“Specifically, the OAK-Park facility will, among other things aspire to stimulate creativity and excellence in research and innovation,” Mr. Omole said.