Engineering and Technology
Supporting Research, Innovation, and Global Competitiveness
The Engineering and Technology sector is a key driver of growth as they bring about inventions and innovations that are capable of transforming other sectors of the economy. As a result, countries that have invested heavily in the sector enjoy favourable and sustainable development.
A nation’s capability for research and development, technology production and innovation are determinants of a globally competitive industrial economy. It is key to sustaining real industrial growth, employment generation and wealth creation.
Throughout the telecoms sector, there has been remarkable growth in internet penetration in Nigeria leading to easier banking services, better access to healthcare and e-learning platforms. Some of the key trends that would shape the telecoms industry include the development and adoption of 5G network, the rise of the Internet of Things (IoT), the evolution of the content ecosystem and the transformative power of artificial intelligence (AI).
According to a PwC report, data consumption in Nigeria will experience rapid growth moving from about 2 billion Gigabytes in 2018 to 12 billion Gigabytes in 2023. The increased investment by telecommunications companies to improve internet access has supported the huge growth of mobile internet subscribers. Growth in the sector is expected to power the digital economy, improve connectivity and drive globalisation.
BOI continues to fund businesses in the industry to ensure they optimise their potential and actively support Nigeria’s growth and development.
In 2021, BOI disbursed N9.8 billion to 7 businesses in the engineering and technology sector with the potential to generate 43,610 direct and indirect jobs. Sectoral disbursement covers engineering businesses such as automotive, cabling, printing, metal construction, aluminium works, etc.
Engineering and Technology Industry Funds
Supporting research, innovation, and global competitiveness
We believe that supporting critical industries such as engineering and technology is necessary to achieve our goal of economic transformation. Let us work with you to achieve success and sustainable growth.