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NITDA, SMEDAN Sign MOU for Economic Diversification
In a bid to implement the agenda of the present administration of President Bola Ahmed Tinubu GCFR of Reforming the Economy for Sustained Inclusive Growth by accelerating diversification of the nation’s economy, a Memorandum of Understanding highlighting the pivotal role of Small and Medium Enterprises (SMEs) has been signed by the National Information Technology Development Agency (NITDA) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
Recognising SMEs as the backbone of the nation’s economic landscape, the MOU was signed with a primary focus on the growth of SMEs and tackling startup challenges while implementing the Nigeria Startup Act.
The MOU was signed by the two organisations, Friday at the corporate headquarters of the SMEDAN agency in Idu, Abuja.
The objective of the MOU is to establish a strategic partnership between NITDA and SMEDAN and to ensure that issues relating to Micro, Small and Medium Enterprises (MSMEs) are addressed in implementing the Startup Act.
Speaking at the ceremony, the NITDA Director General, Kashifu Inuwa CCIE emphasised the critical importance of SMEs and cited their contribution to Nigeria’s economy, where they represent over 90% of businesses.
Underscoring the need for technological innovation to enhance productivity in the sector, Inuwa stated that “when you talk about critical sectors, SMEs are the first and if we want to create prosperity for our country, we should start by digitising SMEs”.
He further emphasised the necessity of creating a comprehensive database of SMEs to facilitate targeted incentives and foster digital literacy among entrepreneurs.
Inuwa highlighted the transformative potential of technology in expanding market reach and enhancing the productivity of entrepreneurs’ businesses while pointing to successful cases where ICT training programmes organised by NITDA for women have helped them leverage social media platforms, thereby significantly boosting their market presence and efficiency.
“As SMEs, you can use technology to expand your market reach and at NITDA, we have trained women on ICT and they have been able to expand their market reach and productivity using social media platforms. If we can do this, it will change the SMEs landscape in Nigeria”, he added.
The transformative power of technology within Nigeria was proudly exemplified by Inuwa, where he narrated how several SMEs have blossomed from nothing to become billion-dollar organisations.
“In Africa, we have 7 Unicorns and out of them, 5 originated from Nigeria. So, we believe that with technology, we can help all the SMEs to scale up, increase their productivity and create sustainable prosperity for our country”, he asserted.
In his remark, Charles Odii, the SMEDAN Director General, stated that the essence of the MOU agreement is to collaborate with NITDA in fulfilling the mandate of the President’s agenda in creating jobs and digitising Nigeria’s economy.
While stating that any business that does not take advantage of digital innovation and services is short-changing itself, Odii noted that if the 40 million small businesses in the country equip themselves with digital processes whereby each small business employs at least 5 people, it will have a significant impact on Nigeria’s economy.
“What we are doing here in addition to sensitising the public on the implementation of the Startup Act is to organise our small businesses where they can use innovative solutions to solve their problems”, he averred.
The signing of the MOU signified a crucial step towards harnessing the power of technology to revolutionise Nigeria’s SME landscape, thereby paving the way for sustainable growth and prosperity.
Mobility technology company, Moove has raised $250 million in a Series C funding round at a valuation of $2.1 billion, reaching unicorn status.
The startup will deploy the fresh capital to build out autonomous vehicle infrastructure, expand fleet ownership, construct robotics-focused “Nests” for charging and maintenance, and grow its autonomous workforce from 150 to 500 by year-end.
The company plans to enter additional global markets, reflecting a strategy to build the operational infrastructure required for large-scale autonomous transportation rather than simply supplying vehicles.
Led by Mubadala Investment Company and co-led by Woven Capital, Toyota’s Growth Fund, and Ion Pacific, the round also included new investors BlueCrest Capital Management, Sona Asset Management and The Raptor Group, alongside existing backers BlackRock, MUFG, Franklin Templeton and Uber.
“Autonomous mobility is becoming an infrastructure race requiring fleets, charging systems, maintenance, data infrastructure and continuous city-level operations,” said Ladi Delano, co-founder, co-CEO and advisory board chairman of Moove.
Founded in Lagos in 2020, Moove has grown into a global mobility platform employing about 3,300 people across 29 cities in 13 countries, operating approximately 42,000 vehicles and reaching $420 million in annualised recurring revenue.
It has expanded organically and through acquisitions, including Kovi in Brazil and Tokyo Taxi in Japan. Moove also operates autonomous vehicle fleets in partnership with Waymo in Phoenix and Miami, with London expected to join its footprint.
The $2.1 billion valuation places Moove among Africa’s small group of tech unicorns, alongside Flutterwave, OPay, Moniepoint, Andela, Chipper Cash, Wave, Tyme, MNT-Halan and Interswitch.
The $250 million round is the largest single funding deal announced by an African startup this year, though EV mobility firm Spiro raised $270 million cumulatively across two separate rounds.
The World Bank Group has announced the 31-month debarments of United Aviation Services Limited (UNASEL), a transportation services company based in Nigeria, and Air Vice Marshal Alkali Mamu, its owner and president, “in connection with fraudulent practices under the Enhancing Niger Northeastern Connectivity Project,” according to a press release issued by the multilateral development bank.
The statement said that the project aims to enhance connectivity and road safety along the Zinder-Agadez Road section and improve access to basic socioeconomic infrastructure for selected communities in that road section.
However, according to the statement: “UNASEL and Mr. Mamu presented false experience documents in a prequalification application to qualify for a contract under the project. This was a fraudulent practice under the World Bank’s sanctions framework.”
“The debarments make UNASEL and Mr. Mamu ineligible to participate in projects and operations financed by Bank Group institutions. The debarments are part of two settlement agreements under which UNASEL and Mr. Mamu admit culpability for the underlying sanctionable practices,” it added.
The statement further said: “Per the Bank Group Sanctioning Guidelines, the settlement agreements provide for a reduced period of debarment in light of UNASEL and Mr. Mamu’s cooperation.
As a condition for release from sanction under the terms of the settlement agreements, UNASEL and Mr. Mamu commit to developing and implementing integrity compliance measures that reflect the relevant principles set out in the Bank Group Integrity Compliance Guidelines, and Mr. Mamu further agrees to complete corporate ethics training.
UNASEL and Mr. Mamu also commit to continue to fully cooperate with the Bank Group’s Integrity Vice Presidency.
“The debarments of UNA SEL and Mr. Mamu qualify for cross-debarment by other multilateral development banks under the Agreement for Mutual Enforcement of Debarment Decisions that was signed on April 9, 2010.”
Governor Peter Mbah of Enugu State, has approved the allocation of a parcel of land in Enugu, the state capital, for the establishment of a state-of-the-art Digital Fabrication Centre by the Industrial Training Fund.
Mbah announced this while receiving a delegation from the Industrial Training Fund on a courtesy visit to the Government House, Enugu.
The ITF disclosed this on Friday in a statement signed by its Director of Press and Public Relations, Thomas Ngor.
According to the statement, Mbah described the proposed project as timely and aligned with his administration’s vision of transforming Enugu into a leading destination for investment, innovation and technology-driven industrial development.
He noted that the future of economic prosperity lies in deliberate investments in human capital and emerging technologies, adding that the state has continued to create an enabling environment for innovation, enterprise and sustainable growth.
The governor explained that his administration has made technical education compulsory in the state’s basic education system, with emphasis on digital literacy, robotics and mechatronics to prepare learners for the future of work.
According to him, many traditional trades are now driven by digital technologies, making it imperative to equip young people with relevant technical competencies that will enable them to compete globally and contribute meaningfully to economic development.
Governor Mbah further disclosed that his administration has built smart schools across the state, equipped with robotics centres, mechatronics laboratories and other modern learning facilities, to prepare youths for the evolving global economy.
He noted that artificial intelligence is expected to contribute about $20tn to the global economy in the coming years.
He therefore stressed that the state must be intentional about upskilling its citizens, adding that the establishment of the ITF Digital Fabrication Centre will significantly strengthen the state’s drive to build a knowledge-based economy, foster innovation, promote local manufacturing and create employment opportunities for its growing youthful population.
Earlier, Afiz Ogun, the Director-General of the ITF, who led the delegation, said that upon his appointment by President Bola Tinubu, he was mandated to upskill Nigerian artisans to international standards.
He explained that the Fund subsequently repositioned its technical and vocational skills development efforts through strategic initiatives, including the Skill-Up Artisans Programme, which is designed to train, certify and license Nigerian artisans to international standards.
Ogun disclosed that the Fund had already established a Digital Fabrication Centre in Ikeja, Lagos, with the capacity to produce more than 400 different products. He therefore requested the allocation of land in Enugu State to establish a similar centre with the same production capacity.
According to him, the initiative is aimed at promoting industrialisation, reducing dependence on imports and preparing Nigerians for opportunities in the Fourth Industrial Revolution.
He also reaffirmed the Fund’s readiness to enter into public-private partnerships that will transform Nigeria’s artisanal ecosystem.
Ogun further noted that digital technologies, including artificial intelligence, robotics and computer-aided manufacturing, are rapidly transforming the global economy, making it imperative for Nigeria to deliberately invest in upskilling its workforce to remain globally competitive.
The ITF delegation was later conducted on a guided tour of facilities at one of the smart schools established by the Enugu State Government.
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