Nigeria is seeking up to $1 billion in investments and commercial partnerships from Silicon Valley investors over the next 12 months as the Federal Government moves to turn locally developed research into marketable products and services.
The Minister of Innovation, Science, and Technology, Dr. Kingsley Udeh, SAN, disclosed this in New York after a series of meetings with technology executives and investors on the sidelines of the 81st United Nations General Assembly (UNGA).
Udeh said the engagements focused on the Federal Government’s Energize Commercialisation Now (ECoN) programme, which seeks to bridge the gap between research conducted in Nigerian institutions and the commercial production of innovative goods and services.
“We engaged with big players in Silicon Valley who are interested in investing in Nigeria, particularly as it relates to our flagship programme called Energize Commercialisation,” Udeh said.
According to the minister, the proposed partnership is expected to attract private capital and expertise into Nigeria’s science, technology and innovation ecosystem while creating opportunities for job creation and economic growth.
He said the initiative also supports President Bola Tinubu’s ambition of building a $1 trillion economy by expanding the contribution of technology, innovation and private-sector investment.
“Consistent with Mr. President’s agenda of taking our economy to a $1 trillion GDP, we have been able to meet key players from Silicon Valley,” he said.
Udeh said an agreement between Nigeria and prospective partners had already been drafted, with the memorandum of understanding (MoU) forwarded to Abuja for review.
He said the parties were expected to sign the agreement during the UN General Assembly meetings, subject to the completion of the necessary processes.
Although the minister did not disclose the names of the companies or investors involved, he said the proposed collaboration could deliver “substantial value” to Nigeria’s science and innovation sector and the wider economy.
He put the potential value of the investments, commercial partnerships and other economic opportunities arising from the discussions at as much as $1 billion within one year.
“From the discussions we have had, if we pull in the various opportunities that have been discussed and are already reflected in the MoU, Nigeria can get from this intervention as much as $1 billion in the course of one year,” he said.
Udeh also highlighted the involvement of Nigerians working in Silicon Valley as a significant aspect of the discussions, saying their expertise and connections could help open opportunities for Nigeria.
“A very interesting and cheering aspect of the engagement I had in the course of UNGA is that key members of the Silicon Valley players are Nigerians,” he said.
“It is impressive that we have Nigerians making things happen in Silicon Valley, and they are happy to bring these opportunities home to add value to Nigerian science, technology and innovation.”
The proposed deal comes as the Federal Government seeks to attract diaspora expertise and private investment to strengthen the commercialisation of research and reduce the gap between innovations developed in Nigerian institutions and their adoption in the marketplace.