FG targets $600m investment in innovation, renewable energy projects

The Federal Government is targeting more than $600 million in investment and development finance opportunities for technology innovation and renewable energy projects, as the National Board for Technology Incubation (NBTI) seeks to expand support for Nigerian innovators and promote access to clean energy.

The investment pipeline comprises a proposed $500 million solar energy programme for universities and polytechnics and a $100 million financing opportunity linked to the Tinubu Light Initiative, a proposed national solar inclusion programme targeting one million micro and small businesses.

The Director-General and Chief Executive Officer of NBTI, Dr Kazeem Kolawole Raji, disclosed this at a press conference in Abuja on Wednesday while presenting the outcomes of the 2026 NextGen Innovation Challenge, held in London, United Kingdom.

He, however, clarified that the combined figure represented proposed investment and financing opportunities, not funds already received, disbursed or fully deployed in Nigeria.

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Raji said the realisation of the investments would depend on due diligence, financing arrangements, contractual commitments, relevant approvals and implementation requirements.

Under the proposed $500 million programme, NBTI has advanced discussions with Gigawatt Global to develop solar farms across Nigerian universities and polytechnics under power purchase agreements.

If successfully structured and implemented, the programme is expected to improve access to renewable electricity in participating tertiary institutions and strengthen the country’s clean energy infrastructure.

The second opportunity involves a memorandum of understanding signed between NBTI and Financial Innovation for Impact, UK, also known as Cambridge Investors, to support the financing and implementation framework of the Tinubu Light Initiative.

The proposed initiative is designed to provide solar energy solutions to one million micro and small businesses across the 36 states and the Federal Capital Territory.

It targets ₦30 billion in blended financing for its first phase, the training and deployment of 10,000 field marketers, and the creation of 50,000 direct youth employment opportunities.

The programme also projects approximately ₦12 billion in annual economic benefits, subject to its underlying assumptions and implementation outcomes.

Raji said the initiative was intended to help small businesses cope with high energy costs and unreliable electricity, which often force operators to depend on petrol and diesel generators.

Potential beneficiaries include tailors, barbers, hairdressers, pharmacies, food vendors, neighbourhood retailers, printing businesses, point-of-sale operators and other small enterprises.

He said the programme could also promote business formalisation and financial inclusion by helping eligible informal enterprises establish credit histories, where appropriate arrangements could be developed.

The NBTI chief stressed that the programme’s success would depend on sound financing, transparent beneficiary selection, reliable equipment, effective maintenance and measurable results.

The investment opportunities were presented alongside other outcomes of the NextGen Innovation Challenge, whose grand finale was held on October 9 at the Platinum Suite, ExCeL London, under the theme, “From Nigerian Ingenuity to Global Impact.”

Organised by NBTI in partnership with UKALD, the event brought together Nigerian innovators, international investors, diplomats, business leaders and development partners.

Raji said the 2026 edition showcased 298 Nigerian innovators from all 36 states and the FCT, up from 105 participants in 2025.

The innovators presented technologies covering artificial intelligence, robotics, agriculture, healthcare, education, renewable energy, telecommunications, digital technology, 3D printing and advanced manufacturing.

According to him, the challenge created opportunities for innovators to engage with investors and prospective commercial partners, with the aim of improving market access, facilitating technology transfer and supporting enterprise growth.

Another outcome was an announced investment commitment of $100,000 by Dubai-based investor Erin Grover to support three women innovators.

Raji said the commitment could help strengthen women-led businesses, adding that the next priority was to establish clear investment arrangements and track measurable outcomes for the beneficiaries.

The event also featured international acceleration opportunities for 16 selected innovators to receive training in Finland, Estonia, Poland and Abu Dhabi. The opportunities were valued at approximately $10,000 per innovator, amounting to a stated aggregate value of $160,000.

The selected projects included SAMA GOLD, Vellas Global Nutrition, Dunnally Fiber, ALINGA, CellGuard, Euler, Quad K PalmTech One, MTH SUNPOD, ACAD AI, AI Explorer for Kids, Gistoneer, Projavi, VoicePilot, Web3tribe University, GreenBook and 9ja Farm.

Raji said the opportunities were expected to help the innovators strengthen their business models, improve investor readiness, gain international exposure and explore new markets.

He added that the Learning and Development Bureau UK had offered scholarships to the 16 innovators for a Pre-MBA Level 7 Award in Strategic Leadership and Management, each valued at more than £5,000.

The bureau also pledged to support their applications for the United Kingdom’s Global Talent visa, subject to eligibility and applicable immigration requirements.

Raji said the support programmes were intended to complement technical expertise with leadership, financial management, intellectual property protection and business development skills.

He said NBTI would focus on moving the announced opportunities towards implementation through engagement with government institutions, private investors, financial organisations, universities, research institutions and development partners.

He added that the board’s priorities included investment mobilisation, enterprise development, employment generation, clean energy delivery and the commercialisation of indigenous technologies.

“Our real ambition is to ensure that more Nigerian innovations become sustainable businesses, more businesses create decent jobs, more technologies solve pressing national problems, and more Nigerian entrepreneurs compete successfully in domestic and international markets,” he said.

Raji urged Nigerian and international investors, financial institutions, corporate organisations and development partners to deepen their engagement with the country’s innovation ecosystem.

He said innovators needed investment, market access, technical mentorship, manufacturing capacity, distribution networks and intellectual property support to transform promising ideas into viable businesses.

He also called on the media to scrutinise the implementation of the initiatives and report their outcomes, noting that transparency and accountability were essential to building public confidence.

According to him, NBTI’s performance would ultimately be measured by the number of sustainable enterprises established, the amount of private capital mobilised, the jobs created and the products brought to market, rather than the number of innovators showcased at international events.