SVNED foreign Investors inject over $19.5bn into Nigeria’s Economy

By: Goodluck E. Adubazi, Abuja.

SV-NED/FIIRO partnership will facilitate an industrial revolution in Nigeria

Chairman/Chief Executive Officer, Silicon Valley Nigeria Economic Development SV-NED Energy Ltd, HRH Queen Mother, Amb. Amina Temitope Labinjo Ajayi (JP), has said that some foreign investors, facilitated by SV-NED, would be visiting Nigeria in a few weeks.

Mama Diaspora, as popularly known, stated that the investors would be investing about $19.5bn in different sectors of Nigeria’s economy.

Noting that the country has abundant human and material resources, she said that Nigeria needs to be energized to achieve an industrial revolution and economic transformation.

She called for collaborative efforts of all stakeholders to advance the country, noting that China, Libya, the United States, Germany, Japan, China, and the United Kingdom developed because of industrial advancement nice work, and societal ethics.

According to a statement on Tuesday, she spoke during the signing of the Memorandum of Understanding between Silicon Valley Nigeria Economic Development SV-NED Energy Ltd and the Federal Institute of Industrial Research, Oshodi (FIRRO).

The MoU signing ceremony was attended by the SV-NED team including a board member of the company, Oludotun Ogunnubi led by Labinjo-Ajayi; FIRRO management and staff led by the 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.

She said the partnership will facilitate industrial revolution, skill development, and entrepreneurship in the country.

Labinjo-Ajayi said: “Silicon Valley Nigeria Economic Development SV-NED Energy Ltd, is proud to announce its partnership with FIIRO through the signing of a Memorandum of Understanding (MoU). This historic 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 partnership highlights 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 cars to Compressed Natural Gas (CNG); align with the agenda and objectives of the Renewed Hope Initiatives of President Tinubu, including the Housing-For-All initiatives.

“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 significant 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.”

She added: “It’s a deal. We have the money. We are bringing the money to build the house. I know the problem in my country. It is finance. And that is why we are bringing $19.5 billion, in two weeks. I’ve been on this project for four years. People say I was not serious. But I stayed focused. I stay focused.

“We have our license to have a gas refinery. We have our license to have our own gas station in all 36 states in Nigeria and the Federal Capital Territory (FCT) Abuja. And we’re building a conversion center beside it.”

Tutuwa in her address said she was happy to have SV-NED management to explore potential collaborations on providing Corps Members and other Nigerian youths for training to acquire skills in the conversion of petroleum and diesel-powered vehicles into compressed Natural Gas (CNG) electric Mobility vehicles and partner on modern-day Agriculture Nanotechnology and other FIIRO developed technologies

She said: “The Federal Institute of Industrial Research Oshodi is an agency under the Federal Ministry of Innovation, Science and Technology, saddled with the responsibility of accelerating industrialization in Nigeria through research and development, by identifying and utilizing local raw materials, developing and upgrading indigenous technologies, and promoting market-driven research and development (R&D). FIIRO aims to be a leading center for science and technology-based research and development, contributing to the nation’s economic and social advancement.

“Over the years FIIRO has developed 250 technologies based on available raw materials in Nigeria with appropriate machinery and developed technologies. About 100 of these technologies have been packaged and ready for immediate commercialization. Recently, we developed local Technology in the Conversion of Vehicles and Diesel generators to CNG using local raw materials, which earned FIIRO first position in the last annual Science Expo in 2024. This Technology has been patented and the Certificate has been issued.

“FIIRO as the pioneer of this technology in Nigeria, has trained over 300 youths in the conversion processes through various intervention programs, and in 2025, we intend to train more youths using our zonal offices located in the Six geo-political zones.

FIIRO is committed to the actualization of President Bola Ahmed Tinubu’s renewed hope Agenda. Without taking too much of your time, I would like to propose that you let us work together to create a positive impact in the lives of our people through this historical signing of this MoU.”