The Nigerian government has unveiled a N75 million innovation challenge aimed at fostering entrepreneurship and tackling youth unemployment. The initiative, launched by the National Agency for Science and Engineering Infrastructure (NASENI) in collaboration with AfriLabs, seeks to identify and grow local innovations with the potential to scale globally.
Speaking at the GITEX Nigeria Startup Festival in Lagos, Anas Balarabe Yazid, Special Adviser on Commercialisation to the Executive Vice-Chairman of NASENI, emphasized the importance of supporting young inventors in transforming their ideas into viable enterprises. The challenge is designed to find, fund, and fast-track the best homegrown products into solutions that can address local needs and compete internationally.
The competition will shortlist five innovations per state and the Federal Capital Territory (FCT), with the public voting for state winners. Finalists will then pitch their ideas at the NASENI Invention Festival, where winners will receive cash prizes and access to NASENI’s Innovation Hub in Abuja. The hub will provide technical resources, laboratories, and manufacturing facilities to support the development of their innovations.
Yazid encouraged governors and the FCT minister to provide matching support for their winners, highlighting the significance of state-level backing in nurturing local innovation. He emphasized that with the right support, Nigerian ingenuity can be transformed into a thriving industry, creating opportunities for economic growth and job creation.
Nigeria’s unemployment rate stood at 4.3 percent in the second quarter of 2024, according to the National Bureau of Statistics. While the latest figure is yet to be released, the innovation challenge is a timely initiative aimed at addressing the country’s unemployment challenges. By providing a platform for young innovators to showcase their ideas and access resources, the challenge has the potential to contribute to the country’s economic development and growth.
The NASENI innovation challenge is a significant step towards promoting entrepreneurship and innovation in Nigeria. With its focus on supporting local innovations and providing resources for their development, the initiative is well-positioned to make a positive impact on the country’s economy and unemployment rate. As the challenge progresses, it will be important to monitor its progress and evaluate its effectiveness in achieving its objectives.