The Federal Government of Nigeria has formalised plans to launch a $50 million Impact Innovation Fund aimed at supporting Nigerian startups addressing critical social challenges.
The initiative follows agreements signed between the Nigeria Sovereign Investment Authority and the Japan International Cooperation Agency during a ceremony held at the Federal Ministry of Budget and Economic Planning in Abuja on Friday.
The signing covered 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 funding, while NSIA will contribute up to $20 million as matching support within the $50 million fund.
Structured as an onshore public investment vehicle, the fund will combine financing with technical assistance to help startups refine products, scale operations and expand into new markets.
Speaking at the event, NSIA Managing Director and Chief Executive Officer Aminu Umar-Sadiq described the initiative as a major boost for the country’s startup ecosystem. He said the fund would provide early-stage ventures in high-impact sectors with the capital and support needed to address pressing national challenges while promoting inclusive growth and sustainable development.
Japan’s Ambassador to Nigeria, Suzuki Hideo, said the grant agreement marked an important milestone in bilateral cooperation. He explained that the project forms part of a broader development package aligned with Japan’s foreign policy priorities and emphasises the co-creation of social value through collaboration and mobilisation of private finance alongside official development assistance.
According to him, the initiative represents Japan’s first global implementation of this development model involving a fund that incorporates private capital, noting strong interest from stakeholders in Tokyo.
The programme is expected to generate jobs, improve livelihoods and contribute to sustainable economic growth across Nigeria. The ambassador added that discussions between JICA and NSIA have continued since the exchange of notes signed last April, reflecting a growing relationship of trust between both sides.
Preparations are now underway to operationalise the fund and build a pipeline of high-impact startups ready for investment.
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