FG LAUNCHES $50 MILLION IMPACT INNOVATION FUND TO SUPPORT NIGERIAN STARTUPS
Read Time:1 Minute, 41 Second
By Aishat Momoh. O.
The Federal Government has officially launched a $50 million Impact Innovation Fund aimed at supporting Nigerian startups addressing critical social challenges, following agreements signed between the Nigeria Sovereign Investment Authority (NSIA) and the Japan International Cooperation Agency (JICA).
The signing ceremony, held at the Ministry of Budget and Economic Planning in Abuja on Friday, formalised the grant contract for the “Project for the Development of Supporting Environment for Startups Addressing Social Challenges.” Under the arrangement, JICA will provide $14 million in grant support, while NSIA will contribute up to $20 million to match the grant, forming part of the $50 million fund.
Structured as an onshore public investment vehicle, the fund will combine financial support with technical assistance to help startups refine products, scale operations, and expand into new markets.
Speaking at the event, NSIA Managing Director and CEO Aminu Umar-Sadiq described the fund as a transformative 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. Our collaboration with JICA underscores our commitment to entrepreneurship, inclusive growth, and sustainable development,” Umar-Sadiq said.
Japan’s Ambassador to Nigeria, Suzuki Hideo, expressed pleasure at the signing, noting that the initiative is part of a broader cooperation package aligned with Japan’s foreign policy priorities.
“This initiative aims to achieve development goals through the co-creation of social value via dialogue and collaboration with Japan’s partner countries, while mobilising private finance alongside official development assistance. Today’s project represents Japan’s first-ever implementation of this development model globally, specifically involving a fund that incorporates private capital,” he said.
The initiative is expected to create jobs, improve livelihoods, and contribute to sustainable economic development across Nigeria. Preparations are underway to operationalise the fund and develop a pipeline of high-impact startups ready for investment.
Happy
0 %
Sad
0 %
Excited
0 %
Sleepy
0 %
Angry
0 %
Surprise
0 %
0
0