The Federal Government has officially launched 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 (NSIA) and the Japan International Cooperation Agency (JICA).
The signing ceremony took place at the Ministry of Budget and Economic Planning in Abuja, formalising the grant contract for the “Project for the Development of Supporting Environment for Startups Addressing Social Challenges.”
Speaking at the event, NSIA Managing Director and Chief Executive Officer Aminu Umar-Sadiq described the fund as a major boost for the startup ecosystem. He noted that by providing early-stage ventures in high-impact sectors with capital and support, the Federal Government is enabling innovators to tackle some of Nigeria’s most pressing social challenges.
Meanwhile, the Ambassador of Japan to Nigeria, Suzuki Hideo, explained that the project is part of a broader cooperation package Japan is offering Nigeria, aligned with the country’s foreign policy priorities.