Purpose: The study explored staff perception on effective funding using in-house IGR sources, finance-related challenges in the management of libraries, examined operational conventional and additional sources, derived opinions on the benefits of an independent academic library financial management system and the strategies to improve on its funding in selected academic libraries in Nigeria.
Method: The descriptive survey design was adopted using a population of 487 librarians from which 161 (33%) was randomly drawn from ten academic libraries (polytechnic, college and university). The instrument for data collection - questionnaire was developed. The data collected were analysed using inferential and descriptive statistics with IBM SPSS Version 20 software.
Results: There was no significant difference in the perception of academic library staff on effective funding and management of libraries through in-house IGR. It was found that conventional sources of IGR in academic libraries were through provision of reprographic services, binding, laminating, indexing/abstracting and library donation while additional sources could include skill acquisition in entrepreneurial education, certificate verification, information consultancy, use of e-library for computer based tests, internet surfing, training in research and data collection and processing of online applications. However, amongst these services, only reprographic services were found to be fully functional, others are either semi functional or non-functional.
Conclusion: Generating funds from these sources can assist in library e-resource subscription; improve collection development, and general service provision. IGR are potential business venture for the effective management of the library and at the long run help in the achievement of its objective of information services and product provision to its community of patrons.
Recommendation: Awareness creation on the inclusion of these newly applicable and profitable e-library services, training of staff on the use of technology-driven services and sharing information/knowledge among working personnel should be embraced by the management of academic libraries.