NBTI Pursues $600m Investment as Solar Initiative Targets One Million Nigerian Businesses

The National Board for Technology Incubation (NBTI) is pursuing a proposed investment portfolio exceeding $600 million to expand renewable energy access and accelerate the commercialisation of indigenous technologies, with a flagship initiative targeting solar power for one million Nigerian businesses.

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

The proposed investment pipeline comprises a $500 million solar-energy programme being discussed with Gigawatt Global and a $100 million financing opportunity linked to the Tinubu Light Initiative.

Raji said the solar programme would explore the development of solar farms across Nigerian universities and polytechnics under power purchase agreements, while the Tinubu Light Initiative seeks to extend solar-energy solutions to micro and small businesses across the country.

He clarified that the figures represent proposed investment and financing opportunities rather than funds already secured or disbursed.

According to him, the proposals remain subject to due diligence, financing arrangements, contractual commitments, regulatory approvals and implementation requirements.

The Tinubu Light Initiative targets one million businesses and proposes to train and deploy 10,000 field marketers, create 50,000 direct youth employment opportunities and mobilise ₦30 billion in blended financing for its first phase.

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

Raji said the initiative was designed to address the burden of unreliable electricity and high energy costs on small businesses, many of which depend on petrol and diesel generators to sustain their operations.

Potential beneficiaries include tailors, barbers, hairdressers, pharmacies, restaurants, food vendors, retailers, printing businesses, point-of-sale operators, women-owned enterprises and youth-led businesses.

He said access to appropriate solar solutions could reduce operating expenses, improve productivity and enable businesses to extend their working hours.

The initiative also envisages promoting financial inclusion and business formalisation, including the development of credit histories for informal enterprises where suitable arrangements can be established.

Raji stressed that the programme’s success would depend on transparent beneficiary selection, sustainable financing, reliable equipment, maintenance arrangements and effective monitoring.

NBTI Records 298 Innovators at London Challenge

The NBTI chief executive said the NextGen Innovation Challenge attracted 298 Nigerian innovators from all 36 states and the Federal Capital Territory, up from 105 participants in 2025.

The competition, organised in partnership with UKALD, brought together Nigerian innovators, international investors, diplomats, business leaders and development partners at its grand finale on October 9 at the Platinum Suite, ExCeL London.

The technologies showcased included artificial intelligence, robotics, agriculture, healthcare, education, renewable energy, telecommunications, digital technology, enterprise software, 3D printing and advanced manufacturing.

“Our message is straightforward: Nigeria’s innovators deserve visibility, our enterprises deserve opportunities to grow, and our technologies deserve pathways to the marketplace,” Raji said.

He said NBTI’s next priority was to turn innovative ideas into commercially viable businesses capable of generating employment, improving productivity and addressing national development challenges.

Investor Announces $100,000 Commitment for Women Innovators

Raji also disclosed that Dubai-based investor Erin Grover had announced a $100,000 investment commitment to support three women innovators.

He said the proposed investment could improve access to finance, mentorship, professional networks and business-development opportunities for women-led enterprises.

The NBTI director-general said the priority would be to translate the commitment into documented investment arrangements and measurable benefits for the selected innovators.

16 Innovators Secure International Acceleration Opportunities

Sixteen selected innovators secured acceleration opportunities in Finland, Estonia, Poland and Abu Dhabi, with a stated value of approximately $10,000 per participant, representing an aggregate value of $160,000.

The selected projects are 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.

The projects cover agriculture, healthcare, artificial intelligence, education, clean energy and digital technology.

In addition, the Learning and Development Bureau UK offered the 16 innovators scholarships for a Pre-MBA Level 7 Award in Strategic Leadership and Management.

Each scholarship was valued at more than £5,000, bringing the combined stated value to over £80,000.

The bureau also pledged assistance with applications for the United Kingdom’s Global Talent Visa, subject to individual eligibility and applicable immigration requirements.

Raji said the opportunities could help innovators strengthen their business models, improve investor readiness, develop leadership skills and explore international markets.

NBTI Seeks Private-Sector Support

The NBTI chief executive called on local and international investors, financial institutions, corporate organisations, universities, research institutions and development partners to deepen their engagement with Nigeria’s innovation ecosystem.

He said innovators needed more than public recognition, identifying investment, technical mentorship, manufacturing capacity, market access, distribution networks and intellectual-property support as essential to building sustainable enterprises.

Raji also urged the media to scrutinise implementation, transparency and measurable results.

“Constructive public scrutiny is essential. It helps institutions improve, partnerships mature and public confidence grow,” he said.

He added that NBTI would focus on advancing investment opportunities, supporting technology commercialisation and tracking the businesses, jobs and products emerging from its programmes.

“We must turn exposure into market access, partnerships into implementation, innovation into enterprise, enterprise into employment, and investment opportunities into productive economic activity,” he said.

Raji maintained that the ultimate measure of success would be the extent to which the initiatives translate proposed investments and international partnerships into sustainable businesses, employment opportunities and tangible economic benefits for Nigerians.