Onome Amuge
Oye Akinsemoyin, president of the Nigeria Vietnam Chamber of Commerce and Industry (NVCCI)
Nigeria is poised to take a huge leap into the AI, microchip, and semiconductor industries, championed by the Nigeria Vietnam Chamber of Commerce and Industry (NVCCI) and the Financing and Promoting Technology (FPT) of Hanoi, Vietnam.
The groundbreaking initiative involves the establishment of a microchip and semiconductor production laboratory in Nigeria, which will serve as a platform for advancing the country’s STEM capabilities and bringing its engineering and technology infrastructure up to speed.
Interestingly, the worldwide microchip industry has been on a steady upward trajectory, and analyst firms predict that it is set to hit the $1 trillion revenue mark by the end of the decade. In fact, preliminary data from Gartner indicates that the sector’s revenue reached $626 billion in 2024, marking an 18 percent growth compared to 2023.
This continued upward trend, according to industry players, indicates a strong demand for microchips and semiconductors across various industries, from consumer electronics and automotive to telecommunications and healthcare, fueling innovation and driving economic growth on a global scale.
The ongoing developments that are paving the way for microchip and semiconductor production in Nigeria began with discussions spearheaded by NVCCI with the University of Lagos (UNILAG) Foreign Partnership Development Office.
The partnership is designed to bring about transformative changes to Nigeria’s technology sector, ultimately boosting economic growth through increased productivity, innovation, and employment opportunities, especially for the youths who make up a significant proportion of Nigeria’s populace.
The magnitude of the partnership is underscored by FPT’s already impressive achievements in the tech industry, including orders for nearly 70 million chips through 2025 and a strategic focus on AI and technical training.
Vietnam-listed FPT, which is currently the country’s most valuable technology company with a market capitalisation of $5.2 billion, offers a wide range of services, including AI, cloud, and big data solutions to clients in 29 countries.
The NVCCI has commended the collaboration between UNILAG and FPT, recognising it as a transformative force in both the academic and industrial sectors.
The University of Lagos is ranked 2nd in Nigeria and 1001-1200, out of over 2,000 institutions across the world. This is according to the 2025 Times Higher Education World University Rankings. Strategically located in Lagos, Nigeria’s bustling tech hub and the most populous city in the country, UNILAG’s prime position places it at the forefront of technological advancement and innovation in Africa’s most populous black nation.
The NVCCI expressed its enthusiasm for the synergy between UNILAG’s academic excellence and FPT’s industrial expertise, describing the collaboration as a truly remarkable and innovative union that will drive groundbreaking advancements in both sectors.
According to the NVCCI, the primary goal of this collaboration is to develop a cutting-edge facility focused on research, development, and production of microchips and semiconductors. These crucial components, which form the backbone of today’s interconnected world, are considered integral to the operation of smartphones, computers, vehicles, and many other devices that power modern life.
The Chamber also asserted that the economic benefits of this collaboration are vast, but perhaps equally significant is the impact it will have on the workforce. The initiative is expected to generate a good number of high-skilled jobs, ranging from engineers to technicians, cultivating a talented workforce that will form the backbone of Nigeria’s tech industry and drive innovation forward.
A key argument put forward by the NVCCI is that by producing microchips and semiconductors locally, Nigeria will be able to mitigate its dependence on foreign suppliers and safeguard itself against the volatility of foreign exchange rates, thereby strengthening the domestic supply chain, enhancing economic resilience, and empowering the nation to be self-sufficient in these crucial industries.
“Microchips are the unsung heroes of our interconnected world. They power our devices, enable seamless communication, and drive progress. As global demand surges, this partnership ensures that our nations , Nigeria and Vietnam, benefit mutually by remaining at the forefront of this technological revolution,” the chamber stated.
During a visit to solidify the partnership, Oye Akinsemoyin, the president of the Nigeria Vietnam Chamber of Commerce and Industry, stated that the collaboration between the two organisations transcends geographical boundaries and has the potential to accelerate the growth of Nigeria’s economy by establishing a legacy of innovation.
Speaking on the importance of the partnership, UNILAG’s director of international partnership, described the collaboration as a milestone, representing a remarkable confluence of academic excellence and industrial expertise.
