Foreign investors to pump in $19.5bn into Nigerian economy

Some foreign investors, facilitated by Silicon Valley Nigeria Economic Development (SV-NED), will be visiting Nigeria in a few weeks to invest approximately $19.5 billion in various sectors of the Nigerian economy.

Speaking during the signing of a Memorandum of Understanding (MoU) between Silicon Valley Nigeria Economic Development (SV-NED) Energy Limited and the Federal Institute of Industrial Research, Oshodi (FIIRO), the Chairman/Chief Executive Officer of SV-NED Energy Limited, Chief Amina Temitope Labinjo-Ajayi (JP), stated that the country has abundant human and material resources. She added that Nigeria needs to be energised to achieve industrial revolution and economic transformation.

She called for collaborative efforts among all stakeholders to advance the country, noting that China, Libya, the United States, Germany, Japan, the United Kingdom, and other developed countries achieved their growth and transformation through industrial advancement and strong societal ethics.

Labinjo-Ajayi, who said the partnership would facilitate industrial revolution, skill development, and entrepreneurship in the country, added:

“This agreement falls under the auspices of President Bola Ahmed Tinubu’s Renewed Hope Initiative, aimed at driving economic growth, innovation, and development in Nigeria.

“The key highlights of the partnership are to stimulate economic growth and development in Nigeria; promote innovation and entrepreneurship through research and development projects; train and employ National Youth Service Corps (NYSC) members in converting petrol-powered cars to Compressed Natural Gas (CNG); and align with the agenda and objectives of President Tinubu’s Renewed Hope Initiative, including the Housing-For-All programme.

“This partnership marks a significant milestone in our journey to drive economic growth and development in Nigeria.

“Nigeria has a rich history of agricultural development, with a strong emphasis on research and extension services dating back to the colonial era. The country’s agricultural sector has seen various initiatives aimed at increasing productivity and food security. The partnership between SV-NED and FIIRO aims to leverage this foundation to empower the next generation of agricultural professionals through nanotechnology training.”

Labinjo-Ajayi, who identified inadequate financing as one of the key challenges facing the country’s economic sectors, said:

“That is why we are bringing $19.5 billion in two weeks’ time.

“We have our licence to establish a gas refinery. We have also secured a licence to build gas stations across all 36 states of Nigeria and the Federal Capital Territory (FCT), Abuja. Additionally, we are constructing a conversion centre beside each station.”

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FIIRO Director-General, Dr. Mrs. Jummai Adamu Tutuwa, in her address, said she was pleased to host the SV-NED management team to explore potential collaborations in training corps members and other Nigerian youths.

She explained that the training would equip young people with skills to convert petroleum- and diesel-powered vehicles into Compressed Natural Gas (CNG) and electric mobility vehicles, as well as engage in modern agricultural nanotechnology and other technologies developed by FIIRO.

The MoU signing ceremony was attended by the SV-NED team, including board member Mr. Oludotun Ogunnubi, led by Labinjo-Ajayi; FIIRO management and staff led by Director-General Dr. Mrs. Jummai Adamu Tutuwa; Special Adviser to the Lagos State Governor on Agriculture and Food Systems, Dr. Fashola Rotimi (represented by Timileyin Awopetu); and officials of Wema Bank, Marina Branch, led by Business Development Manager Christopher Labiran.