Investment in semiconductor, chips production will grow Nigeria economic — Amaltech CEO

The Chief Executive Officer (CEO) of Amaltech Technologies, Mr Shehu Abdullahi, on Thursday called for diversification of the economy through investment in semiconductor technology and chips production. Abdullahi in an interview with the News Agency of Nigeria (NAN) in Abuja said such would lead to job creation and economic growth. He emphasised the vital importance of harnessing the potential of semiconductor technology to propel economic growth and expand Nigeria’s industrial horizons. According to him, semiconductor technology is a cornerstone for global innovation and modern economies.

He suggested that Nigeria needs to prioritise investments in semiconductor technology and chips production to fuel economic diversification, especially given the country’s reliance on oil revenues. “This will be a crucial stride towards achieving robust economic diversification. Investing in this area can unlock substantial foreign exchange earnings through localised processing of raw materials and export of semiconductor products. This approach, in turn, has the potential to stimulate job creation, elevate local content development and bolster a more resilient economic environment,” he said. Recognising the boundless capacities of Nigeria’s youth in steering technological progress, Abdullahi emphasised the necessity to enhance awareness and educate young Nigerians on the array of opportunities embedded within semiconductor technology.

According to him, fostering an environment that is conducive to nurturing skills and innovation, Nigeria can strategically position itself as a formidable contender on the international semiconductor production stage. Abdullahi, a first-class graduate of software engineering from Middlesex University, said Nigeria has untapped potentials which could propel technological innovation and growth of the country. He maintained that in a rapidly evolving global market, Nigeria must embrace technology-driven growth and secure its place in the world of industries and innovation.