FG to Open More Incubation Centres to Support SMEs

The federal government has pledged its support to the National Board for Technology Incubation (NBTI) to foster innovative concepts and technologies of Small and Medium Enterprises (SMEs) in Nigeria. The aim is to transform research and development findings into viable commercial products and services.

Key points:

1. Expansion of Incubation Centres: The Minister for Innovation, Science, and Technology, Chief Uche G. Nnaji, revealed the government’s plan to open more incubation centres nationwide. Currently, are 36 incubators in each federation state, and the government aims to increase this number.
2. Government’s Commitment: The government is committed to providing a conducive environment for SMEs. President Bola Ahmed Tinubu recently approved the sum of 50 billion naira for small businesses at a single-digit interest rate.
3. Support for R&D: The government is committed to supporting research and development (R&D) activities. The goal is to create an ecosystem where creativity flourishes and research outcomes contribute to the economy and society.
4. Elevating Nigeria’s R&D Outputs: The Minister highlighted the government’s promise of continued support, increased investment, and the creation of a conducive ecosystem for R&D. The goal is to position Nigeria as a hub of innovation and technological excellence.
5. NBTI’s Role: The National Board for Technology Incubation (NBTI) is pivotal in transforming R&D findings into viable commercial products and services. The director-general, Dr Patricia Uchenna Chukwu, emphasized the importance of unlocking the country’s immense potential through this process.

The move aligns with the government’s broader efforts to promote innovation, support SMEs, and create an environment conducive to research and development activities.