NBTI Director-General, Dr Kazeem Raji, disclosed this in Abuja while presenting the outcomes of the 2026 NextGen Innovation Challenge, saying the proposed investments would support clean energy access, business growth, innovation and job creation.
The pipeline comprises a proposed $500m solar energy programme for universities and polytechnics in partnership with Gigawatt Global, and a $100m financing opportunity linked to the Tinubu Light Initiative under a memorandum of understanding with Financial Innovation for Impact, UK, also known as Cambridge Investors.
Raji clarified that the funds had not been fully secured or disbursed, noting that their actual deployment would depend on due diligence, financing arrangements, contractual commitments, regulatory approvals and implementation requirements.
“These figures represent proposed investment and financing opportunities and should not be interpreted as $600m already received, disbursed or fully deployed in Nigeria,” he said.
The proposed investments followed the grand finale of the NextGen Innovation Challenge 2026, organised by NBTI in partnership with UKALD at the Platinum Suite, ExCeL London, United Kingdom, on October 9.
According to Raji, the competition was designed to connect Nigerian innovators with international investors, business leaders and development partners to accelerate the commercialisation of locally developed technologies.
He said the challenge attracted 298 innovators from all 36 states and the Federal Capital Territory, up from 105 participants in 2025. The innovations covered artificial intelligence, robotics, agriculture, healthcare, education, renewable energy, telecommunications, digital technology and advanced manufacturing.
Raji said the board intended to move beyond showcasing ideas by helping innovators develop commercially viable products, establish sustainable businesses and create employment opportunities.
The proposed Tinubu Light Initiative is expected to provide solar energy solutions to one million micro and small businesses, with plans to train and deploy 10,000 field marketers and create 50,000 direct youth employment opportunities.
The programme also targets N30bn in blended financing for its first phase and estimates annual economic benefits of about N12bn, subject to its underlying assumptions and implementation outcomes.
Raji said the initiative was designed to address the high operating costs faced by small businesses that depend on petrol and diesel generators because of unreliable electricity supply.
Potential beneficiaries include tailors, barbers, hairdressers, pharmacies, food vendors, neighbourhood retailers, printing businesses and digital-service providers.
He added that the programme could also support business formalisation and financial inclusion, particularly among informal enterprises, where appropriate arrangements are established.
However, the NBTI director-general stressed that successful implementation would depend on sustainable financing, transparent beneficiary selection, reliable equipment, maintenance arrangements and measurable delivery.
“Our vision is to make clean-energy access an enabler of enterprise development, not merely an infrastructure intervention,” he said.
The proposed initiative comes amid efforts to expand electricity access through distributed renewable energy in Nigeria, where unreliable power supply and the cost of alternative energy remain challenges for many small businesses.
The World Bank has previously supported off-grid solar and mini-grid investments through the Nigeria Electrification Project, demonstrating the role of private-sector participation in expanding electricity access and supporting economic activity.
