The Development of Technology Parks around Engineering Faculties Managed by Professionals, Lecturers and Students: Enhancing Engineering Skills, Innovation, and Self-Reliance to Drive Rapid Industrialization in Nigeria

Nigerian has been faced with a lot of challenges like insecurity, high rate of inflations and continual devaluation of Naira. These issues have greatly affected different multinational companies operating in Nigeria as high inflation and insecurity have resulted in these companies continuing to incur losses every year. Most of the companies have moved their production to other African countries that have favorable policies and a safe environment. Nigeria is gradually transforming into a consumer nation, totally dependent on imports of different commodities, with the Naira continuously depreciating and inflation rising, leading to high unemployment among Nigerian engineering graduates. This paper explores the establishment of technology parks around engineering faculties in Nigerian universities, managed by professionals, lecturers and students, as a strategy to enhance engineering skills, foster innovation, promote self-reliance among graduates and increase the entrepreneurship skills of engineering students to help in technological advancement of Nigeria. By reviewing existing literature, analyzing case studies, and conducting interviews with key stakeholders, the study identifies the potential benefits and challenges associated with this approach. Pareto Analysis prioritize the factors necessary to set up technology part and the results show that. Funding and Investment (13%), Government Support (12%), Infrastructure Development (12%), Industry Collaboration (11%), Skill Development (10%), Management and Governance (10%), Research and Innovation (9%) have an overall impact of 77.89% in developing and managing technology park around engineering faculties. Again, the proposed model integrates practical training, research, and entrepreneurship in technology parks to create a conducive environment for innovation and skill development. The findings highlight the critical role of government support, industry partnerships, and academic leadership in the successful implementation of technology parks. This paper concludes with recommendations for policy makers, educational institutions, and industry stakeholders to collaborate in driving Nigeria’s industrialization through enhanced engineering education and innovation.