By Abubakar Yunusa
The Nigeria Sovereign Investment Authority (NSIA) and the Japan International Cooperation Agency (JICA) have signed an agreement to launch a $50 million impact innovation fund to support Nigerian startups.
The signing ceremony was held at the ministry of budget and economic planning in Abuja
The agreement covered the grant contract for the “project for the development of supporting the environment for startups addressing social challenges”.
Under the arrangement, JICA is expected to provide $14 million in grant funding, while NSIA will contribute up to $20 million to match the grant as part of the $50 million fund.
The fund is said to be structured as an onshore public vehicle, which will combine financial backing with technical assistance to help startups refine products, scale operations, and expand into new markets.
Speaking at the event, Aminu Umar-Sadiq, the managing director and chief executive officer (CEO) of the NSIA, described the initiative as a significant step for Nigeria’s startup ecosystem.
“The fund represents a transformative step for Nigeria’s startup ecosystem. By providing early-stage ventures in high-impact sectors with the capital and support they need to grow, we are enabling innovators to tackle some of Nigeria’s most pressing challenges,” Umar-Sadiq said.
“Our collaboration with JICA underscores our commitment to entrepreneurship, inclusive growth, and sustainable development.”
Also speaking, Suzuki Hideo, the ambassador of Japan to Nigeria, said he was pleased with the signing of the grant contract between the agency and JICA.
Hideo said the project forms part of a broader cooperation package Japan is proposing to Nigeria, anchored on its foreign policy priorities.
“This initiative aims to achieve development goals by the ‘co-creation’ of social value through dialogue and collaboration with Japan’s partner countries, while mobilising private finance in combination with ODA,” he said.
According to the ambassador, the project represents Japan’s first global implementation of the development model involving a fund that incorporates private capital.
Hideo said the initiative is expected to create jobs, improve livelihoods, and contribute to sustainable economic development across Nigeria.
The Japanese envoy noted that since the signing of the exchange of notes last April, detailed discussions had continued between JICA and NSIA.
