The Federal Government is in advanced discussions with Silicon Valley investors and technology executives over a partnership that could generate as much as $1 billion within a year by turning locally developed research into marketable products and services.
Minister of Science, Technology and Innovation, Dr. Kingsley Udeh disclosed this to reporters in New York after series of meetings on the sidelines of the United Nations General Assembly (UNGA) 81.
Dr. Udeh said the proposed collaboration is centred on the Ministry’s Energize Commercialisation programme, an initiative intended to move Nigerian research beyond laboratories and institutions into commercially viable enterprises.
“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,” Dr. Udeh said on the sidelines of the United Nations General Assembly in New York.
The discussions, he said, focused on partnerships that would help Nigeria convert research outcomes into products and services that can support economic growth, create jobs and strengthen the country’s science, technology and innovation ecosystem.
The Minister said the initiative aligns with President Bola Tinubu’s ambition to build a $1 trillion economy, with technology, innovation and private-sector investment expected to play a larger role in achieving that target.
“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.
Nigeria and the prospective partners have prepared a memorandum of understanding that has been sent to Abuja for review, Minister Udeh said.
He added that the parties expected to sign the agreement during the UN General Assembly meetings.
The agreement, if concluded, would bring “substantial value” to Nigeria’s science and innovation sector and the wider economy, he said, though he did not name the companies or investors involved.
Based on preliminary discussions and opportunities reflected in the proposed agreement, Nigeria could secure investments, commercial partnerships and related economic gains worth up to $1 billion over 12 months, Dr. Udeh said.
“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.
Dr. Udeh said one of the more encouraging outcomes of the engagement was the prominence of Nigerians among the Silicon Valley executives involved in the discussions.
“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 partnership reflects Nigeria’s broader push to attract diaspora expertise and private capital into strategic sectors, while seeking to address a longstanding gap between academic research and commercial production.
