Nigeria and Japan Launch Youth-Centric Venture Fund to Boost Innovation

In a move to support youth entrepreneurship, Nigeria and Japan have launched a venture capital fund aimed at stimulating high-growth startups. The initiative focuses on investing in naira, ensuring long-term financing that mitigates risks from currency fluctuations. By safeguarding against foreign exchange volatility, the fund creates a stable economic environment for emerging businesses, ultimately encouraging innovation and job creation.

The Nigerian Ministry of Finance, led by Mr. Wale Edun, played a pivotal role in bringing the project to fruition, working alongside the Nigeria Sovereign Investment Authority (NSIA) and the Japan International Cooperation Agency (JICA). The partnership marks a significant milestone, as the Japanese government has formally approved the venture, allowing both nations to advance economic cooperation.

Aminu Umar-Sadiq, CEO of NSIA, emphasized the fund’s dual focus on currency stability and private sector risk mitigation. The fund’s design incorporates first-loss or grant capital, ensuring a secure entry point for investors. JICA’s support ensures that the fund is not just a concept but a fully implementable initiative ready for launch.

The fund aligns with Nigeria’s vision of fostering inclusive economic growth, particularly for the country’s youth. Finance Minister Edun underscored its role in promoting sustainable development, aligning with President Bola Tinubu’s Renewed Hope Agenda. The venture is poised to unlock new opportunities for Nigerian entrepreneurs, driving innovation and supporting long-term economic transformation.

Source: The sun