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.

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TECHDIGEST – The Nigeria Sovereign Investment Authority (NSIA) has rewarded some Nigerian innovators with the sum of $255, 000 equity investments and other consolation prizes at the NSIA Prize for Innovation (NPI) programme.

The NPI is a multi-year initiative designed to identify innovative technological solutions developed by Nigerian tech entrepreneurs.

After a three-stage competition, the innovators were rewarded at the Prize for Innovation Programme demo day in Lagos on Saturday, where 10 finalists emerged and won varied prizes.

According to the organisers, over 2,000 entries were reviewed and after investing about six months of developing and refining their ideas, the 10 innovators emerged and pitched at the demo day.

Seven innovators-TruQ, Capsa Technology, Apace Technology Solutions, Ya-lo Technologies, Credit-Chek, Vella Finance and Kobopay Technologies won the fourth place of $5,000 each and LegitCar Africa won the third place of $12,500.

READ ALSO: Smart Agric: NITDA Boss Reaffirms Potential of Emerging Technologies 

Extension Africa won the second place of $17, 500 while Money Africa won the star prize of $25,000.

Other participants also won consolation prizes.

Although the programme with the theme: “Driving a Sustainable Future Through Innovation”, rewards winners with a sum of 255,000 US dollars, the real impact extends beyond the cash awards or event.

Its core strategy of attracting third-party capital will result in many of these innovators securing funding from financiers far and wide.

Mr Aminu Umar-Sadiq, the Managing Director/Chief Executive Officer, NSIA, said the objective of the programme is to identify, build, and finance early-stage innovative solutions that have the potential to catalyse economic growth, advance solutions to social issues, and create jobs.

His words: ” I think the important thing is that this event actually catalyzes what we have seen as very great ideas emanating from Nigeria and entrepreneurs to solve Nigerian problems.

“I hope that this event allows us to mobilise domestic long-term capital toward Nigeria’s development,” Umar-Sadiq said.

NPI focuses on technology-enabled businesses in Financial Services, Agriculture, Health, Education, Manufacturing, Logistics and Mobility, E-commerce and Marketplaces as well as Climate.

As opposed to giving just cash prizes, the NSIA MD said that the organisation decided to split the prizes into two components, a cash component and also an equity component.

This, he said, would allow NSIA to take ownership in these businesses so that beyond just the prizes, it could actually engage with the entrepreneurs and add value to them beyond offering money.

Technology according to Umar-Sadiq represents a key sector for the growth and aspirations of NSIA given its capacity to solve real-life problems, unlock a significant amount of borderless opportunities, create jobs, and support the overall growth of an economy.

“At NSIA, our ambitions are multifaceted, and technology helps us support the growth of other key sectors and deliver healthy financial returns and the desired social outcomes,” he stated.

NSIA, the globally focused Nigerian investment institution had in December launched the $255,000 innovation prize that will benefit startups, technopreneurs, and innovators’ businesses in the form of cash and equity investments.

Speaking at the event, Mr Kashifu Abdullah, the Director-General, National Information Technology Development Agency (NITDA), said that the seed funding for startups would help position Nigeria for accelerated job creation in the digital economy.

“I am highly impressed with the kind of innovative ideas that I have seen today. And this shows that we have great potential and luck in Nigeria.

“And looking at what is happening with this kind of initiative to provide seed funding for startups, it will really help position Nigeria for accelerated jobs creation in the digital economy,” he said.

According to him, NITDA has started the implementation of the Nigeria startup act.

He said, “Under the act, we are to establish a startup investment seed fund.

“The act says we need a minimum of N10 billion per annum but we are targeting N100 billion so that we should be able to seed at least 1,000 early-stage startups and about 400 late-stage startups.

“This can help us to hit more than 80,000 jobs in Nigeria.”

Ms Oluwatosin Olaseinde, winner of the Star prize and Founder, Money Africa Financial Services, who was full of joy, said the challenge of managing her finances pushed her into finding solutions to financial literacy.

“I feel really excited. It’s really nice to have put in all this work and then, here I am, the winner of this prize. I’m very grateful.

“I had a personal challenge with my money, I struggled to manage my finances, I called my friends and they had similar problems.

“Now I realised that having money is not the only thing, how do you keep that money and I noticed that it was a general problem.

“So, I embarked on that mission. Once I figured it out, I felt like an evangelist. All I did was just to teach and tell everybody about how to manage money and make the most use of what they have,” Olaseinde said.

She urged innovators to be flexible with their methods and continue to push and be focused on the goal.

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TECHDIGEST – The Director General, National Information Technology Development Agency, NITDA, who was represented by Dr Usman Gambo Abdullahi, Director, Information Technology Infrastructure Solutions, highlighted some of Nigeria’s initiatives focused on fostering the growth and development of the country’s startup ecosystem at this year’s ‘The Next Web’, (TNW), Conference held from 15th to 16th June, 2023, at the Taets Art and Event Park, Amsterdam.

The NITDA Boss highlighted the establishment of a Startup Investment Seed Fund, to be managed by the Nigeria Sovereign Investment Authority (NSIA). The fund will target early-stage startups, hubs and other entities that support the startup ecosystem. That the fund is to be funded annually with a minimum of N10,000,000,000.00 (Ten Billion Naira) towards financing labelled startups and others as seed funds, grants or loans.

Nigeria’s Innovative approach in the development of the Nigeria Startup Act was celebrated by the global technology ecosystem stakeholders during the Deep Tech Roundtable, held as part of ‘The Assembly’, one of the strategic sessions of TNW.

Mallam Kashifu Inuwa Abdullahi, CCIE, the Director General/CEO, National Information Technology Development Agency (NITDA), was in attendance as a Special Guest and participated in several roundtable sessions including ‘The Assembly’ and the Startup Genome Ecosystem Leadership Forum.

READ ALSO: Tech Week 2023: NITDA Boss woos Investors at London 

Inuwa informed that one key legislation co-created by ecosystem stakeholders, the Nigeria Startup Act (NSA), is an example of the country’s approach to Developmental Regulation, one of the pillars of the National Digital Economy Policy and Strategy for a Digital Nigeria (NDEPS).

“That the NSA project, a joint initiative by Nigeria’s tech ecosystem and the Presidency driven by Federal Ministry of Communications and Digital Economy, was aimed at harnessing the potentials of Nigeria’s digital economy through co-created regulations.

“That the objectives of the Act include, among others, to provide an enabling environment for the establishment, development and operation of startups in Nigeria; to provide a legal and institutional framework for the development of startups in Nigeria; to provide for the development and growth of technology-related talents; and to position Nigeria’s startup ecosystem as the leading digital technology centre in Africa, having excellent innovators with cutting edge skills and exportable capacity.

The NITDA Boss further informed that the Act is made up of ten (10) parts which cuts across five (5) drivers, namely collaboration, engagement, incentives, linkages and support. That the Act intends to increase collaboration within Government and its interactions with ecosystem practitioners by the establishment of the National Council for Digital Innovation and Entrepreneurship.

“That the Council will be presided over by the President as Chairman alongside representatives of the Federal Executive arm of Government, the Director General of NITDA as Secretary and representatives of the Nigeria Computer Society, the Computer Professionals Registration Council of Nigeria and the Startup Consultative Forum.

“That the Council is to monitor and evaluate regulatory frameworks; formulate and implement policy guidelines, oversee the harmonisation of laws, and regulations for the development of startups in Nigeria.

“That NITDA is to serve as the Secretariat of the Council with the DG to serve in a dual capacity of both the Secretary of the Council and the Head of the Secretariat”.

Additionally, Inuwa highlighted the establishment of a Startup Support and Engagement Portal which is to serve as a ‘One-Stop-Shop’ for startups to register with all relevant regulatory Agencies of Government.

“This is aimed at saving time as well as associated costs when engaging the Agencies on individual basis. It will also facilitate the improvement of the ease of doing business within the tech ecosystem, in line with the provisions of the Presidential Enabling Business Environment Council (PEBEC),” he added.

He also indicated that these and many other provisions of the Act present a promising future for startups in Nigeria. That Nigeria’s hope is for the Act to serve as a veritable tool towards fostering the development and sustenance of an enabling Startup ecosystem in the country.

He therefore called on stakeholders to support the Secretariat in realizing the potentials of the Act.

Stakeholders in attendance hailed Nigeria’s approach and opined that it is an excellent example of co-created regulation for others to emulate.

Matt Smith, Director, Policy and Research, the Global Entrepreneurship Network (GEN), in his remarks, revealed that he has been following with keen interest the unprecedented developments in Nigeria’s Startup ecosystem.

“That often, governments seeking to empower entrepreneurs tend find themselves developing and implementing a complex range of reforms, policies and programmes that cut across ministerial and departmental portfolios.

“That without central coordination, it is easy for such reforms to stall due to limited legislative capacity, disagreements between responsible departments, or end up with duplicate or competing initiatives between departments.

“That Nigeria’s innovative approach in the crafting of the Startup Act will no doubt minimize such pitfalls, offers a promising future for the country’s entrepreneurship ecosystem and is already inspiring similar startup acts around the world”.

He therefore said that Nigeria deserves commendation for this innovative approach.

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TECHDIGEST – National Infomation Technology Development Agency (NITDA) has announced entries for the NSIA Prize for Innovation.

This competition is a collaboration between ONDI (a Subsidiary of NITDA) and NSIA to provide support for innovative solutions.

Startups that have the capacity of developing innovative technology-based solutions within their respective industries have the opportunity to win part of US$255,000 if selected among the top entries.

READ ALSO: NADIR Appoints PRNigeria’s Head of Fact-Check, Dahiru Lawal as Executive Secretary

10 finalists will emerge after the boot camp, and 3 winners and 7 runner-ups will go home with up to $255,000 in cash and equity.

Register now at www.nsia-ip.com and stand the chance to get support for your growth-driven ideas through education, mentorship, and financing.

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TECHDIGEST – The Nigeria sovereign investment authority (NSIA) on Thursday said it has received approval from the Board of Directors to raise $200 million to deepen investment and growth in the technology sector. Pius Anyiador, senior vice president and lead portfolio manager, NSIA disclosed this on Thursday at the BusinessDay Breakfast Meeting (BBM) in Abuja.

The innovation will create an ecosystem, expected to catalyze and stimulate economic activities, helping start ups, which it considers as “ engine room” for mass job creation and exponential economic growth.

The fund, according to the NSIA, is hedged on providing enabling technology space in specialized fields, such as cybersecurity and broadband connectivity, which will further drive investments and growth in the sector.

Already, the NSIA said the Board of Directors have granted approval to raise the $200m needed for the investment, while $25m seed capital has been raised.

According to Anyiador, the NSIA has added the tech project “to our list of focus areas” adding that “So far, our board recently approved a $200 million fund, we have our seed capital of $25 million.

“At NSIA, we invest by co- investing and we hope to attract other technology investors into this fund and invest continuously, but we are not waiting for them to come, we have already started in-house,” he said. The NSIA Senior Vice president also informed that the authority is developing two projects in the tech space which are the fiber and tech hub projects. In addition to technology, Anyiador said the authority has other specific areas of focus tailored to drive economic growth and impact the ordinary Nigerian.

These according to him are, Agriculture, healthcare, waterways, power, gas industrialization , and financial market infrastructure

The Senior Vice President, speaking on the Pharmaceutical sector, stated that the NSIA plans manufacturing of Active Pharmaceutical Ingredients for manufacturing of drugs in the country.

This, according to him, is to bring down the high cost of drugs in Nigeria, adding that, “ drugs are so expensive in Nigeria because the active ingredients are not manufactured in the country”

“ We have plans to set up a manufacturing firm to produce the Active Pharmaceutical Ingredients for the Pharmaceutical firms in the country, so they can source them locally”

He said, “We have a pharmaceutical concept that has passed through the first approval phase and will be solely on manufacturing of APIs. We will not invest in the manufacturing of drugs, we have people doing that already. So we are taking a big step back to get APIs.

“As we speak right now, the concept paper has been done, we are doing a feasibility study on the type of API we want to manufacture, and once we agree on that, we will start to manufacture APIs in Nigeria. So it’s easy for Emzor, Pfizer, and others to just walk into the company and buy the APIs.”

Also speaking further on its contributions to healthcare funding, the Senior vice president said the authority is currently focusing on tertiary health care, diagnostics and medical manufacturing.

He informed that the NSIA established an oncology centre in Lagos which according to him was very instrumental during the COVID-19 pandemic as it catered for cancer patients who ordinarily may have travelled out of the country for treatment. He further disclosed that the Authority has approved the development of 23 world class diagnostic centres across the country, in addition to the two diagnostic centres that have already been established by the NSIA.

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