SMEs: FG to open more incubation centres

The federal government has pledged support to the National Board for Technology Incubation (NBTI), to further nurture innovative concepts and technologies of SMEs in the country, and to unlock potential by transforming research and development findings into viable commercial products and services.

The Minister for Innovation, Science and Technology, Chief Uche G. Nnaji, who was represented by Professor Nnayelugo Ike-Muonso at the NBTI South-West zone Techno Expo, held in Lagos disclosed that the federal government plans to open more incubation centres across the country in addition to the existing 36.

He said, “We have thirty-six (36) incubators in thirty-six states of the federation and we are still looking forward to opening more incubators as time goes on. As you are all aware, as part of this administration’s drive to provide a befitting environment for the SMEs, Mr President recently approved the sum of 50 billion naira for  the small business at a single-digit interest rate, which is novel.”

Nnaji restated the commitment of President Bola Ahmed Tinubu to drive a new Nigeria and foster an environment where creativity flourishes, and the fruits of research benefit the economy and the society at large.

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He said, “I stand here today to convey the government’s promise of continued support, increased investment, and the creation of a conducive ecosystem for research and development. Together, we will elevate Nigeria’s R&D outputs, unlock new opportunities, and position our nation as a hub of innovation and technological excellence.”

Director General, NBTI, Dr Patricia Uchenna Chukwu, in her remarks, stated that the key to unlocking the immense potential of the country lies in the ability to transform research and development findings into viable commercial products and services. This, she said, is where the NBTI assumes a pivotal role.