The University of Ibadan Centre for Entrepreneurship and Innovation, often called the UI.CEI started in 2002 as the University-Private Sector (UPS) Collaboration Subcommittee of the MacArthur Grant Implementation Committee. From the UPS Subcommittee, the Programme for Entrepreneurship and Innovation (PEI) was established in June 2005 to serve as a coordinating unit for promoting UPS Collaboration and to develop staff. The process of transforming the PEI into the Centre for Entrepreneurship and Innovation (CEI) took place on June 27, 2007, when the Senate granted approval for the establishment of the Centre.

Since its inception, CEI has been the arm of the University responsible for teaching and research in entrepreneurship and innovation, and highlights the direct relevance of the University to its environment and society at large. It seeks to complement the efforts of government in promoting private sector-led growth as envisioned in national and continental policies and initiatives, such as the National Economic Empowerment and Development Strategy (NEEDS), the New Partnership for Africa’s Development (NEPAD), the National Programme for the Eradication of Poverty (NAPEP), and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), among others.