Nigeria and Japan partner to launch $50m startup fund
The Federal Government has announced a $50 million Impact Innovation Fund to support Nigerian startups addressing social challenges. The initiative is a collaboration between the Nigeria Sovereign Investment Authority (NSIA) and the Japan International Cooperation Agency (JICA). The fund will combine financial support and technical assistance to help startups grow and expand. Leaders from both countries have highlighted the project as a major step for entrepreneurship and sustainable development in Nigeria.
TLDR
- The $50 million fund is aimed at supporting Nigerian startups tackling social issues.
- JICA will provide $14 million in grants, while NSIA will match with up to $20 million.
- The fund will offer both financial and technical support to startups.
- The project is part of a broader cooperation package from Japan, focusing on development and private capital.
- Preparations are ongoing to operationalise the fund and identify startups ready for investment.
