FG, Japan to unveil $50m fund for Nigerian startups

FG, Japan to unveil $50m fund for Nigerian startups

The Federal Government of Nigeria has officially launched a $50 million Impact Innovation Fund aimed at supporting startups that address critical social challenges. The fund is the result of a partnership between the Nigeria Sovereign Investment Authority (NSIA) and the Japan International Cooperation Agency (JICA), formalized through a signing ceremony held at the Ministry of Budget and Economic Planning in Abuja. Under the arrangement, JICA will provide $14 million in grant support, while NSIA will contribute up to $20 million, forming part of the total fund.

Structured as an onshore public vehicle, the fund will combine financial support with technical assistance to help startups refine their products, scale operations, and expand into new markets. NSIA’s Managing Director, Aminu Umar-Sadiq, described the fund as a transformative step for Nigeria’s startup ecosystem, emphasizing its potential to empower early-stage ventures in high-impact sectors and tackle pressing national challenges.

Japan’s Ambassador to Nigeria, Suzuki Hideo, highlighted that the project is part of Japan’s broader development cooperation strategy, aiming to co-create social value and mobilize private finance alongside official development assistance. He noted that this initiative represents Japan’s first-ever implementation of such a development model globally, combining grants with private capital, and expressed hope that the project would quickly bear fruit in Nigeria.

The Impact Innovation Fund is expected to create jobs, improve livelihoods, and contribute to sustainable economic growth, marking a significant step in fostering entrepreneurship, inclusive growth, and sustainable development in Nigeria.

Punch, 22 Feb 2026