SVNED Foreign Investors To Pump In $19.5bn into Nigerian Economy
‘SV-NED/FIIRO partnership will facilitate industrial revolution in Nigeria’
Kehinde Akinpelu
Chairman/Chief Executive Officer, Silicon Valley Nigeria Economic Development (SV-NED) Energy Ltd,
HRH, Queen Mother, Amb. Chief Amina Temitope Labinjo-Ajayi (JP), has said that some foreign investors, facilitated by SV-NED, would be visiting Nigeria in a few weeks.
She 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 Nigeria needs to be energised to achieve industrial revolution and economic transformation.
She called for collaborative efforts of all stakeholders to advance the country, noting that China, Libya, United States, Germany, Japan, China, the United Kingdom and other developed countries achieved their growth and transformation because of industrial advancement and nice work and societal ethics.
According to a statement yesterday, she spoke in Lagos during the signing of a 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 SV-NED team including a board member of the company, Mr. Oludotun Ogunnubi led by Labinjo-Ajayi; FIIRO 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, Wema Bank, Christopher Labiran.
Labinjo-Ajayi said the partnership will facilitate industrial revolution, skill development and entrepreneurship in the country.
She 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 developments 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 of my country. It is finance. And that is why we are bringing $19.5 billion, in two weeks’ time. 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 the 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 Nigerians youths for training to acquire skills in the conversion of petroleum and diesel powered vehicles into compressed Natural Gas (CNG) electric Mobility vehicles and to partner on modern day Agriculture Nano technology and other FIIRO developed technologies
She said: “The Federal institute of industrial research Oshodi is an agency under 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 economic 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 ready for immediate commercialization. Recently we developed local Technology in 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 programmes 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 the President Bola Ahmed Tinubu 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 .”
