The Naira appreciated on Friday’s official market, trading at N1,492.49 against the Dollar.

Data from the Central Bank of Nigeria (CBN) website showed the Naira gained N6.57.

This marks a 0.44 per cent increase compared to Thursday, Feb. 27, when it closed at N1,499.07 to the Dollar.

The local currency ended Wednesday’s trading at N1,499.11 against the Dollar.

The Naira has remained relatively stable following CBN reforms aimed at ensuring transparency in the Foreign Exchange (FX) market.

Analysts have praised the CBN for the steady progress of the Naira since December 2024.

However, Prof. Jonathan Aremu, a retired CBN Director, has warned that it is too soon to celebrate.

Aremu, a Professor of International Economic Relations at Covenant University, is also a Regional Expert on Trade and Investment for ECOWAS.

Speaking to the News Agency of Nigeria (NAN) on Friday, Aremu called for increased production to sustain the Naira’s gains.

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He described the currency’s steady appreciation against the Dollar as a positive development.

“But it may not be time to celebrate yet because, within this period, we have also seen moments when the Naira depreciated,” he said.

He urged the CBN to focus on boosting productive activity in the economy to maintain stability.

According to him, the apex bank should consider factors other than interest rates that influence production and liquidity.

“The quantity theory of money states that money supply and population value must equal price and economic transaction volume.

“If policy only targets money supply without increasing transactions, the expected appreciation of the Naira will not materialise.

“The economy needs a higher volume of goods and services. Many goods are available, but their prices depend on supply and demand.

“Focusing only on monetary policy is insufficient. More emphasis should be placed on increasing production,” he said.

He added that expanding production will further reduce the value of foreign currencies, strengthening the Naira.

Aremu noted that foreign exchange is depreciating partly because people cannot afford to buy due to economic conditions.

“The CBN should not only focus on reducing money supply but also support the availability of quality goods and services,” he said.

Also, Cordros Securities, in its weekly economic update on Friday, attributed the Naira’s appreciation to reduced demand pressure despite declining foreign exchange (FX) reserves.

The report noted that FX reserves fell by $241.50 million week-on-week to $38.46 billion as of Feb. 27, marking the seventh consecutive week of decline.

“We expect FX liquidity to remain strong as a more efficient market and improved confidence continue to support inflows from autonomous sources,” the report stated.

“The CBN is also expected to intervene during periods of high volatility, ensuring the Naira remains stable in the near term,” it added.

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By offering seed funding, mentorship, co-working spaces and industry connections, these hubs guide side hustles through validation, prototype development and market launch.

They foster interdisciplinary collaboration, host pitch events and link innovators with investors. Whether born from engineering prototypes, agritech experiments or digital platforms, many successful startups trace their roots to these on-campus ecosystems.

Below are 7 standout incubators where student endeavors evolved into full-time ventures, underscoring the power of campus innovation to drive economic growth and reshape Nigeria’s entrepreneurial environment.

1. UI Research and Enterprise Development (UI-RED) at University of Ibadan

UI-RED provides multi-disciplinary teams with lab access, prototyping workshops and expert advisors drawn from the Faculty of Engineering and the Department of Computer Science.

Startups emerging from UI-RED include an IoT-powered water-quality monitor that secured grant funding and a mobile health-tracking app adopted by rural clinics. Regular demo days attract angel investors and corporate partners looking to pilot student innovations.

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2. Enterprise Development Centre (EDC) at Pan-Atlantic University

Although independent of a single department, EDC serves Lagos-based students in business, tech and design disciplines. Its structured accelerator program combines weekly masterclasses in lean startup methodology with one-on-one coaching.

Alumni ventures include a last-mile logistics platform born in the EDC co-working space and a B2B SaaS solution for retail inventory management, both of which have since hired full-time teams.

3. Covenant University Centre for Research, Innovation and Discovery (CU-CRID)

CU-CRID equips students with access to biotechnology labs, maker spaces and a dedicated seed fund. Participants receive guidance on regulatory approvals—crucial for medical-device prototypes—and IP filing.

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Successful spin-outs include a biofertiliser start-up that now supplies major farms and a renewable-energy engineering firm deploying solar-powered irrigation systems in rural communities.

4. Centre for Entrepreneurship and Innovation (CEI) at University of Nigeria, Nsukka

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CEI’s incubator specialises in agritech, digital media and fintech concepts. Supported by grants from development agencies, teams use CEI’s demonstration farm and digital studio to refine market pilots.

Notable successes include a blockchain-based commodity-traceability platform that secured a federal award and a social-commerce app connecting artisans to urban buyers.

5. Innovation and Incubation Centre (I&I) at Federal University of Technology, Akure

I&I focuses on deep-tech and engineering ventures. It offers state-of-the-art fabrication labs and a partnership network with local manufacturers.

Student teams have launched a 3D-printed prosthetic arm start-up and an IoT-enabled waste-management system piloted by the Akure municipal council, both now operating as full-time companies.

6. Ife Entrepreneurship and Innovation Centre (IEIC) at Obafemi Awolowo University

IEIC combines an on-campus accelerator with regional outreach, inviting off-campus mentors from venture capital and government innovation agencies. It hosts quarterly pitch competitions with cash prizes and incubation slots.

Graduates include a peer-to-peer tutoring platform that now employs dozens of former students and a smart home-security device venture exporting sensors across West Africa.

7. Startup Lab at University of Lagos

Startup Lab offers evening and weekend workshops in design thinking, coding and digital marketing, alongside a 24/7 co-working space. Its monthly founder socials facilitate team formation across faculties.

Success stories feature a mobile payment integration service adopted by small businesses nationwide and a marketplace for artisanal food producers that grew from a class project to a multi-million-naira enterprise.

From proof-of-concept to market launch, these 7 campus incubators exemplify how tailored support, ranging from technical facilities to investor introductions, can turn student side hustles into sustainable startups.

By embedding entrepreneurial practice within academic settings, they are nurturing the next generation of Nigerian business leaders.

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