FG and Japan Launch $50 Million Innovation Fund to Boost Nigerian Startups

The Federal Government of Nigeria, in collaboration with the Japan International Cooperation Agency (JICA), has officially launched a $50 million Impact Innovation Fund aimed at supporting startups tackling pressing social challenges. The fund was formalized following an agreement signed between the Nigeria Sovereign Investment Authority (NSIA) and JICA at the Ministry of Budget and Economic Planning in Abuja.

Under the initiative, JICA will provide $14 million in grant support, while NSIA will contribute up to $20 million to match the grant, forming a combined $50 million fund. Structured as an onshore public vehicle, the fund will offer financial assistance alongside technical guidance, helping startups refine their products, scale operations, and expand into new markets.

Speaking at the signing ceremony, NSIA Managing Director and CEO Aminu Umar-Sadiq described the fund as a “transformative step” for Nigeria’s startup ecosystem. He highlighted that early-stage ventures in high-impact sectors will gain access to capital and support to drive solutions for the country’s most pressing social issues, promoting entrepreneurship, inclusive growth, and sustainable development.

Japan’s Ambassador to Nigeria, Suzuki Hideo, noted that the fund is part of a broader cooperation initiative between Japan and Nigeria. He explained that the project represents Japan’s first-ever global implementation of this development model, combining private capital with official development assistance (ODA) to co-create social value.

The initiative is expected to generate new jobs, improve livelihoods, and contribute to sustainable economic growth in Nigeria. Ambassador Suzuki also emphasized the long-standing collaboration and trust between JICA and NSIA, expressing optimism that the fund will quickly take root and deliver meaningful impact across Nigeria’s startup ecosystem.

source: punch