The Nigeria Sovereign Investment Authority (NSIA) has finalised agreements with the Japan International Cooperation Agency (JICA) to launch a $50 million Impact Innovation Fund aimed at strengthening the Nigerian start-up ecosystem.
The deal will provide patient capital to pre-seed, seed, and early-stage startups, addressing critical social challenges including agriculture, healthcare, education, energy, waste and water management.
Speaking at the signing ceremony between both parties over the weekend in Abuja, Minister of Budget and National Planning, Senator Abubakar Bagudu, commended the project, adding that the federal government remained committed to exploring more rewarding partnerships to better the lot of Nigerians.
Managing Director/Chief Executive, NSIA, Aminu Umar-Sadiq, said, “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.”
Under the terms of agreement, JICA will provide $14 million in grant support, while NSIA will contribute about $20 million to match the grant.
Structured as an onshore public fund, the initiative combines financial support with technical assistance to help startups refine products, scale operations, and expand into new markets.
Umar-Sadiq said the fund is expected to create jobs, improve livelihoods, and contribute to sustainable economic development across the country.
Preparations are underway to operationalise the fund and develop a pipeline of high-impact startups ready for investment.
NSIA further reaffirmed its commitment to advancing socio-economic development through strategic partnerships that scale impact, expand innovative solutions, and unlock access to capital.
Japanese Ambassador to Nigeria, Suzuki Hideo, said the agreement aimed 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.
He said, “This project is part of our package for Nigeria that Japan proactively proposes a set of appealing cooperation programmes in the areas that are strategically important for Japan based on its foreign policy priorities.
“Today’s project represents Japan’s first-ever implementation of this development model globally, specifically involving a fund that incorporates private capital.
“The Government of Japan hopes this new project will take root in Nigeria and bear fruit swiftly.”
James Emejo
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