Income Generation in Nigeria Academic Libraries : Prospects and Challenges

This study investigates income generation in three selected academic libraries in southwest, Nigeria. The study focused on income generation, prospects and challenges. A structured questionnaire was designed to collect data from 40 respondents out of which 37(92.5%) responded and were used for the analysis. The analysis was done mainly by descriptive statistics such as percentage, frequency and cumulative frequency. The finding showed that the three academic libraries in institutions sampled supported income generation. It was also revealed that all the three libraries generate their main income from owner institutions' government. The study established that most of the respondents supported fines/charges collected should be used to purchase catalogue tools. Inadequate funding by the owner institutions' government and improper policies to assist academic library were the major problems established in this study. However, implementation of policies at institutional and governmental levels, adequate provisions of e-resources tools and provisions of information needs and sources that will meet the need of users where charges/fines will be imposed should be encouraged. All these recommendations formulation will alleviate the effect of income generation in academic library