The Silicon Valley Nigeria Economic Development (SV-NED) Energy Ltd and the Federal Institute of Industrial Research, Oshodi (FIIRO), have signed a Memorandum of Understanding (MoU) aimed at catalyzing Nigeria’s industrial revolution through innovation, entrepreneurship, and skill development.
The MoU, signed in Lagos, will facilitate the investment of $19.5 billion by foreign investors into various sectors of the Nigerian economy, according to the Chairman and Chief Executive Officer of SV-NED, HRH Queen Mother, Amb. Amina Temitope Labinjo Ajayi.
Speaking at the event, Labinjo-Ajayi, popularly known as Mama Diaspora, said the partnership aligns with President Bola Ahmed Tinubu’s Renewed Hope Initiative and will promote economic growth through technological innovation, industrial development, and youth empowerment.
“This historic agreement will stimulate economic growth and development in Nigeria, promote innovation and entrepreneurship, and train National Youth Service Corps (NYSC) members in the conversion of petrol cars to Compressed Natural Gas (CNG),” she stated.
She further revealed that SV-NED has secured licenses to operate gas refineries and establish gas stations across Nigeria’s 36 states and the Federal Capital Territory, Abuja. Conversion centers for CNG vehicles will also be developed beside these stations.
Labinjo-Ajayi emphasized that Nigeria’s abundant human and material resources can be harnessed to trigger an industrial revolution similar to that of China, the United States, and other developed nations.
The signing ceremony was attended by key stakeholders, including FIIRO Director-General, Dr. Jummai Adamu Tutuwa; a representative of the Special Adviser to the Lagos State Governor on Agriculture and Food Systems; and officials from Wema Bank, Marina Branch.
In her remarks, Dr. Tutuwa highlighted FIIRO’s commitment to accelerating Nigeria’s industrialization through research and the commercialization of locally developed technologies. She said FIIRO has developed over 250 technologies based on indigenous raw materials, with about 100 ready for immediate commercialization.
Tutuwa also noted FIIRO’s pioneering role in the conversion of diesel and petrol-powered vehicles to CNG, a technology recently awarded first place at the 2024 National Science Expo.
“We have trained over 300 youths on this technology and aim to expand our training in 2025 across our zonal offices in all six geopolitical zones,” she said.
She reiterated FIIRO’s support for the Renewed Hope Agenda, stating the partnership with SV-NED would provide critical skills and opportunities for Nigerian youths while advancing the nation’s industrial and economic growth.
