By Atlantic Reports

Nigeria's ambition to build a $1 trillion economy will depend significantly on its ability to transform indigenous research into commercially viable products, attract international investment and position homegrown enterprises to compete in global markets.

The Director-General of the National Board for Technology Incubation (NBTI), Dr Kazeem Raji, made this assertion in a statement issued on Friday in Abuja, following the 2026 NextGen Innovation Challenge grand finale held in London, United Kingdom.

The event showcased 298 Nigerian innovators drawn from the country's 36 states and the Federal Capital Territory (FCT), providing a platform for emerging entrepreneurs, researchers and technology developers to present their innovations to potential international investors.

Raji maintained that Nigeria's economic transformation could not depend solely on government spending or the exploitation of natural resources, stressing that sustainable prosperity required a productive private sector driven by innovation, manufacturing and intellectual property development.

“A one-trillion-dollar economy cannot be built by government alone.

“It must be built by Nigerians who innovate, manufacture, invest, create intellectual property, build enterprises, and compete successfully in global markets,” he said.

From Research Laboratories to Global Markets

Raji identified the commercialisation of indigenous research as a critical pathway towards expanding Nigeria's economic opportunities and reducing dependence on imported technologies.

According to him, the NextGen Innovation Challenge is designed to help bridge the gap between scientific discoveries, technological prototypes and commercially sustainable enterprises.

He disclosed that participation increased from 105 innovators in the previous edition to 298 in 2026, representing an increase of approximately 184 per cent.

The expansion, he explained, reflected growing efforts to identify promising Nigerian innovations and connect their developers with international investment opportunities.

However, Raji acknowledged that participation figures alone would not determine the programme's success.

He emphasised that the initiative must ultimately be assessed through measurable economic outcomes, particularly investments secured, businesses established and employment opportunities created for young Nigerians.

The distinction is important because international exposure does not automatically translate into investment commitments, commercial production or sustained business growth.

The statement did not specify the total investment commitments secured during the London event, the number of commercial agreements concluded or the expected timeline for participating innovations to enter the market.

Economic Diplomacy Must Deliver Investment Opportunities

Nigeria's High Commissioner to the United Kingdom, Ambassador Aminu Dalhatu, represented by Ambassador Abu Eche, called for a stronger relationship between diplomatic engagement and economic development.

Dalhatu argued that modern diplomacy should extend beyond traditional government relations to creating practical connections between entrepreneurs, researchers, international financiers and commercial markets.

“Diplomacy today must go beyond governments speaking to governments; it must connect businesses to markets, innovators to investors, and Nigerian opportunities to global capital,” he said.

He commended the partnership between NBTI and UK Africa Leadership and Development (UKALD), describing it as an opportunity to strengthen international visibility for Nigerian technological innovations.

The High Commissioner also proposed expanding the NextGen Innovation Challenge to other Commonwealth countries, a move intended to provide Nigerian startups with access to wider investment networks and potential export markets.

Such expansion, if implemented, could create additional opportunities for Nigerian enterprises seeking international partnerships, although no specific timetable or funding arrangement was announced.

Federal Government Pledges Stronger Support for Innovators

The Permanent Secretary of the Federal Ministry of Innovation, Science and Technology, Dr Mukhtar Muhammad, pledged increased ministerial support for initiatives that connect research and innovation with economic opportunities.

Muhammad proposed the establishment of state-level screening frameworks to identify promising innovations and prepare them for future international exhibitions.

The proposed arrangement would potentially allow state governments to participate more directly in identifying researchers, entrepreneurs and technology developers whose products could attract commercial interest.

He also emphasised the importance of practical solutions to societal challenges, arguing that research should deliver benefits beyond academic recognition.

“If you identify a problem in society and develop a workable solution, you are making a greater impact than someone pursuing multiple academic degrees without commercial output,” Muhammad said.

His remarks reinforced the government's stated intention to promote research with practical applications in industry, business and everyday life.

However, details of the proposed screening frameworks, including funding, selection criteria and implementation responsibilities, were not provided.

Investors Express Interest in Nigerian Technology Startups

The Executive Director of UKALD and Chairman of the All Progressives Congress (APC) in the United Kingdom, Hon. Tunde Doherty, encouraged international investors to consider Nigeria's emerging technology sector as a destination for investment.

Doherty said Nigerian innovators were developing products with the potential for commercial expansion and urged investors to explore opportunities presented through the NextGen platform.

International investor Ms Erin Grover also commended the quality of innovations showcased during the event.

Grover expressed interest in financing female-led startups participating in the exhibition, drawing attention to the importance of improving women's access to investment capital within Nigeria's innovation ecosystem.

Her expression of interest represents a potential funding opportunity rather than a confirmed investment. The statement did not disclose specific financial commitments, investment conditions or the number of female-led enterprises under consideration.

Beyond International Recognition: Turning Innovation Into Jobs

The London showcase raises broader questions about how Nigeria can translate its growing pool of researchers and technology entrepreneurs into productive businesses capable of creating employment and generating export earnings.

For innovators operating outside major commercial centres, access to financing, modern equipment, technical mentorship and reliable infrastructure can determine whether promising inventions progress beyond the prototype stage.

Connecting such innovators with international investors could help address some of these constraints, but commercial success will also require sustained institutional support, effective intellectual property protection and access to domestic markets.

The proposed involvement of state governments could be particularly significant for researchers and entrepreneurs in rural and underserved communities, provided selection processes are transparent and opportunities are distributed fairly.

Nigeria's $1 trillion economy ambition remains a policy aspiration rather than an achieved economic milestone. Its realisation will depend on wider economic performance alongside the growth of technology-driven enterprises.

For NBTI, the immediate challenge is ensuring that the international attention generated by the NextGen Innovation Challenge produces verifiable commercial outcomes.

As the participating innovators pursue potential partnerships and funding, the critical measures of success will be how many secure investment, establish sustainable businesses, manufacture commercially viable products and create jobs.

Ultimately, Nigeria's innovation potential will be judged not simply by the number of inventions presented abroad, but by how effectively those inventions improve livelihoods, strengthen local industries and contribute to national economic growth.

Atlantic Reports: Voices. People. Facts.