By Sami Tunji
The Federal Government has formalised the launch of a $50m Impact Innovation Fund to support Nigerian startups addressing critical social challenges, following the signing of agreements between the Nigeria Sovereign Investment Authority and the Japan International Cooperation Agency.
The signing ceremony, held at the Ministry of Budget and Economic Planning in Abuja on Friday, covered the grant contract for the “Project for the Development of Supporting Environment for Startups Addressing Social Challenges.”
Under the arrangement, JICA will provide $14m in grant support, while NSIA will contribute up to $20m to match the grant as part of the $50m Impact Innovation Fund.
The fund is structured as an onshore public vehicle and will combine financial support with technical assistance to help startups refine products, scale operations, and expand into new markets.
Speaking at the event, the Managing Director and Chief Executive Officer of NSIA, Aminu Umar-Sadiq, described the fund as a significant step for the 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. Our collaboration with JICA underscores our commitment to entrepreneurship, inclusive growth, and sustainable development,” he said.
Also speaking, the Ambassador of Japan to Nigeria, Suzuki Hideo, said he was “very pleased that the grant contract for the ‘Project for the Development of Supporting Environment for Startups Addressing Social Challenges’ will be signed today between your esteemed ministry and JICA.”
