Clintonel, ChipLab eye $200bn revenue from microchip

Clintonel Innovation Centre has announced a partnership with ChipLab to generate $200bn for the Nigerian economy from microchip design.

The Founder of CIC, Tochukwu Chukwueke, in a statement, said that both firms were targeting creation of over 50,000 new jobs and boosting the country’s Gross Domestic Product.

He said that both firms were setting up a ChipLab Academy in CIC, which would be training Nigerians on microchip design.

According to Chukwueke, the global microchips industry was valued at $592bn last year and is expected to grow to $2tn by 2032.

He further asserted that there was a huge market for microchips because it is one of the key electronic components powering mobile phones, computers, robots, automobiles, electronics, airplanes, rockets, and most technology products.

He said, “The European Union has launched a €43bn strategy to boost its semiconductor sector and double its global market share by 2030. Last year, President Joe Biden signed into law the CHIPS and Science Act, which makes a nearly $53bn investment in U.S. semiconductor manufacturing, research and development, and workforce.”

With an estimated more than two million direct employees worldwide in 2021, Chukwueke recalled that Deloitte had predicted that more than one million additional skilled workers would be needed by 2030, equating to more than 100,000 annually.

The Chiplab Academy, according to him, would provide a solution to this global skills’ shortage. He claimed that graduates of the academy would work with top microchips and semiconductor industries in the world.

He added, “Through this microchips academy, our goal is to build capacity for the eventual local production of Microchips and semiconductors in Nigeria.”