NBTI outlines $600m solar and finance plans, says no money received yet
- The National Board for Technology Incubation has announced proposed investments and financing worth more than $600m.
- Its director-general said the funds are not yet secured, disbursed or fully deployed in Nigeria.
- The plans include solar power for universities and support for one million small businesses.
The National Board for Technology Incubation (NBTI) has announced plans for investments and financing worth more than $600m, including solar power projects and support for small businesses. But the agency's director-general, Dr Kazeem Raji, said the money has not been received or spent.
Raji spoke in Abuja on Wednesday while presenting the results of the 2026 NextGen Innovation Challenge, held in London on 9 October in partnership with UKALD.
He said the figures are proposals that still depend on checks, funding arrangements, signed agreements and regulatory approvals. He warned that the amounts should not be read as cash already in hand or put to use in Nigeria.
What the plans involve
The larger part is a proposed $500m solar programme for universities and polytechnics, to be developed with Gigawatt Global. Vanguard reported that talks with the firm focused on building solar farms on campuses under power purchase agreements.
The second part is a proposed $100m financing arrangement for the Tinubu Light Initiative, under a memorandum of understanding with Financial Innovation for Impact, UK, also known as Cambridge Investors.
That initiative aims to bring solar power to one million micro and small businesses, including tailors, barbers, hairdressers, pharmacies, food vendors and neighbourhood retailers. It targets ₦30bn in blended financing for its first phase, 10,000 trained field marketers and 50,000 direct jobs for young people.
Raji said the programme is meant to cut the cost small businesses carry for unreliable electricity and generators. He also said its success would depend on sound financing, fair selection of beneficiaries, working equipment and proper maintenance.
He described the goal as making clean energy a tool for growing businesses, not just a power project.
Innovators and other support
The innovation challenge drew 298 Nigerian innovators from all 36 states and the Federal Capital Territory, up from 105 in 2025. Their projects covered artificial intelligence, agriculture, health, education, renewable energy, digital technology and manufacturing.
Dubai-based investor Erin Grover announced a $100,000 commitment to support three women innovators. Sixteen selected innovators were offered international acceleration training in Finland, Estonia, Poland and Abu Dhabi, valued at about $10,000 each.
The Learning and Development Bureau UK also offered the 16 innovators scholarships for a leadership and management course, worth more than £5,000 each, and pledged help with UK Global Talent Visa applications, subject to eligibility.
Raji said the real test will be how many businesses survive, how much private capital is actually raised and how many jobs are created. He urged investors and development partners to back Nigerian innovators with funding, mentorship and market access.
