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Nigeria mulls innovation hubs creation in 774 LGAs

To actualize the goals of achieving five million jobs for youths in five years and reducing poverty through research and innovation, the Federal Government is establishing one innovation hub in each of the 774 local government areas of the country. This is in addition to N50 billion that has been set aside to support micro small and medium enterprises (MSMEs) to grow their businesses.

The Minister of Innovation, Science, and Technology, Chief Uche Nnaji, who announced this yesterday in Lagos during the National Board for Technology Incubation(NBTI)’s Southwest Zone Techno Expo  said: "We have 36 incubators in 36 states of the federation and we are still looking forward to open more incubators.”

The minister who spoke through his  Special Adviser, Prof Nnanyelugo Ike-Muonso added: “ As part of this administration’ s drive to provide a befitting environment for  small and medium enterprises( SMEs,)  Mr President recently approved the sum of N50 billion for  the small business at a single digit interest rate which is novel.”

He said there was a Presidential Standing Committee on innovation and invention and many others put in place to help the small business owners to grow their businesses.

"Many of these initiatives are tailored through the technology incubation programme so that everyone that is doing legitimate business will get the necessary funding they require. I stand here today to convey the government's promise of continued support, increased investment, and the creation of a conducive ecosystem for research and development. "

He said Nigeria has immense potential, a wealth of talent, and a deep reservoir of creativity. "It is our collective responsibility to harness and nurture these assets. Through strategic initiatives, collaborative partnerships, and a dedicated focus on innovation, we are committed to making Nigeria a global leader in research and development,” he said.

Lagos Governor, Babajide Sanwo-Olu restated the state’s commitment to innovation, research and development.

Represented by the state Commissioner for Commerce, Cooperatives, Trade & Investment, Mrs Folashade Ambrose-Medem, the governor said the government has created the enabling environment to support SMEs and all start-ups to develop solutions to tackle challenges in the economy.

 To usher in a new chapter of industrial transformation, he said a lot will be done towards cultivating a supportive environment for innovation-driven development, empowering businesses to shine on the continental stage, taking advantage of the African Continental Free Trade Zone potentials.

To protect the state’s competitiveness, he said the government was developing the capacity of the entrepreneurial ecosystem and inspiring the younger generation to embrace innovation.

The Director-General/ Chief Executive, NBTI, Dr Mrs Uchenna Patricia Chukwu said the path to sustainable development hinges on partnerships that enable the commercialization of research and development outcomes while harnessing the vast indigenous talent within the country.

 “Nigeria, with its abundant human resources and natural wealth, possesses the potential to become a technological force not only in Africa but also on the global stage. The key to unlocking this immense potential lies in our ability to transform research and development findings into viable commercial products and services. This is where the NBTI assumes a pivotal role,” she said.