The Federal Government of Nigeria and Japan have formalized the launch of a $50 million Impact Innovation Fund to support early-stage Nigerian startups tackling critical social challenges, through a grant agreement signed between the Nigeria Sovereign Investment Authority (NSIA) and the Japan International Cooperation Agency (JICA).
The fund, announced following a signing ceremony at the Ministry of Budget and Economic Planning in Abuja, combines $14 million in grant support from JICA with up to $20 million in matching contributions from NSIA, creating an onshore public vehicle to provide capital and technical assistance to high-impact ventures.
NSIA Managing Director and CEO Aminu Umar-Sadiq described the initiative as a “transformative step” for Nigeria’s startup ecosystem, enabling innovators to refine products, scale operations, create jobs, improve livelihoods, and drive sustainable development by addressing pressing national issues.
Japanese Ambassador to Nigeria Suzuki Hideo expressed pleasure at the signing, noting that the project titled “Project for the Development of Supporting Environment for Startups Addressing Social Challenges” marks Japan’s first global implementation of a model blending private capital with Official Development Assistance (ODA) to co-create social value.
The collaboration builds on discussions since April of the previous year and aligns with broader Nigeria-Japan ties aimed at fostering entrepreneurship, inclusive growth, and innovation.
Preparations are underway to operationalize the fund and build a pipeline of eligible startups focused on social impact sectors.
This move is seen as a boost to Nigeria’s burgeoning tech and innovation landscape, where startups often face funding gaps despite strong potential in solving local problems.
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