Prof.  Idowu Olayinka,  Vice Chancellor, University of Ibadan on Saturday said the university needed additional N30 billion in the next 10 years to achieve  world-class standard.
Olayinka disclosed this at a news conference in Ibadan, to showcase the University’s 70 years in existence.
“For us to be a world-class university, we need to invest heavily in physical and infrastructural facilities, to address the acute shortage of office space for staff, classrooms and laboratories.”
The VC said that the institution was exploring ways to make itself less dependent on government funding.
“We are adopting a two -pronged approach involving a resource mobilization plan and prudent management of the available resources.”
According to the VC, elements of these include regular income from commercial activities and increasing the endowment fund, research grants and the strategic funds.
Olayinka said that other means would be to consolidate the businesses established by the university.
Such businesses include the UI Microfinance Bank,  UI Ventures, UI Water, Animal Production Venture, Fisheries and Aquaculture, UI Publishing House, UI Endowment Fund and the UI Bookshop.
He said that the university was currently spending N13 Billion yearly .
The VC said departments are also being encouraged to engaged in business -oriented consultancies and support collaboration with industry.
Olayinka said till date, the university produced 232,225 graduates in the last 70 years .
He said many of the alumni of the institution now held high profile position in various segments of the economy, both locally and internationally.
“As at the the end of last session, we had a total of 35,084 students, comprising 14,354 undergraduates, 9,287 distance learning and 11,443 post graduate students.
Outlining the programme of events for the 70th anniversary,  Olayinka said the event would end by Nov. 17, being the foundation day ceremony.
Other events will include, lecture series,  Research, Developments and innovation fair,  Kumar service,  70th convocation Church service and award of first degrees.
The VC said that the university would also recognise six people who distinguished themselves in the society with honorary awards.
They include Mr Bode Akindele,  Prof.  Bolanle Awe,  Prof. Grace Alele Williams,  Prof.  Akin Maboguje, Dr Funmi Olapade and Prof.  omoniyi Adewoye.