The Nigeria Sovereign Investment Authority (NSIA) and the Japan International Cooperation Agency (JICA) have signed an agreement to establish a $50 million impact innovation fund aimed at supporting Nigerian startups.
Gatekeepers News reports that the signing ceremony took place on Friday at the Federal Ministry of Budget and Economic Planning in Abuja.
The agreement covers a grant contract for the “project for the development of supporting the environment for startups addressing social challenges.”
Under the arrangement, JICA will provide $14 million in grant funding, while NSIA will contribute up to $20 million to match the grant as part of the planned $50 million fund.
The fund is structured as an onshore public investment vehicle designed to combine financial backing with technical assistance. It will support startups in refining their products, scaling operations, and expanding into new markets.
Speaking at the event, Aminu Umar-Sadiq, Managing Director and Chief Executive Officer of NSIA, described the initiative as a milestone for Nigeria’s innovation 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, Japan’s Ambassador to Nigeria, expressed satisfaction with the signing of the grant contract between NSIA and JICA.
“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,” Hideo said.
According to the ambassador, the project marks Japan’s first global implementation of a development model involving a fund that integrates private capital. He added that the initiative is expected to create jobs, improve livelihoods, and drive sustainable economic development across Nigeria.
Hideo noted that since the exchange of notes was signed last April, detailed engagements had continued between JICA and NSIA to finalise the framework for the fund.
