Clintonel, Chip Lab target $200b revenue from microchips design

Clintonel, Chip Lab target $200b revenue from microchips design


Two firms, Clintonel Innovation Centre (CIC) Aba and Chip Lab, have announced a partnership to enable Nigeria earn  $200 billion  for Nigeria from Microchips Design.

The firms are targeting the creation of over 50,000 new jobs and boosting gross domestic product (GDP)by 50 per cent.

To achieve this, both firms  are setting  up a ChipLab Academy in CIC which will be training Nigerians on Microchips Design.

The global microchips industry was valued at $592 billion in 2022 and is expected to grow to $2 trillion in 2032. Targeting just 10 per cent  of the  market, the  companies  said  will generate $200 billion USD for Nigeria, creating over 50,000 new jobs and boosting our GDP by up to 50 per cent.

European Union has launched a €43 billion strategy to boost its semiconductor sector and double its global market share by 2030.

Last year, U.S President Joe Biden signed into law the CHIPS and Science Act (CHIPS), which makes a nearly $53 billion investment in U.S. semiconductor manufacturing, research and development, and workforce.

Deloitte predicts that more than one million additional skilled workers will be needed by 2030, equating to more than 100,000 yearly.

With a vision to transform Nigeria into a technology producer, Clintonel has trained over 800 young people in Computer-Aided Design (CAD), Computer Aided Manufacturing (CAM), Renewable (Solar) Energy and Entrepreneurship.