The Federal Government has launched a $50m Impact Innovation Fund to support Nigerian startups tackling 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, 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, forming part of the $50m fund. The vehicle will combine financial backing with technical assistance to help startups refine products, scale operations, and expand into new markets.
NSIA CEO Aminu Umar-Sadiq described the initiative as transformative: “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.”
Japan’s Ambassador to Nigeria, Suzuki Hideo, said the project represents Japan’s first-ever implementation of a development model globally that incorporates private capital. “Interest in Tokyo is very high, and the Embassy has been eagerly awaiting the launch of this project,” he noted.
He explained that the initiative is part of Japan’s broader cooperation package, aiming to achieve development goals through “co-creation of social value” while mobilising private finance alongside official development assistance.
The fund is expected to create jobs, improve livelihoods, and contribute to sustainable economic development across Nigeria. Preparations are underway to operationalise the fund and build a pipeline of high-impact startups ready for investment.
Hideo added, “The Government of Japan hopes this new project will take root in Nigeria and bear fruit swiftly,” reinforcing the partnership’s long-term vision for inclusive growth and innovation.
