New $50mn Fund to Jumpstart Nigerian Startups and Create Jobs
By Patience Ikpeme
Small business owners and young innovators across Nigeria have received a major boost as the Nigeria Sovereign Investment Authority (NSIA) and the Japan International Cooperation Agency (JICA) officially signed a deal to launch a $50 million Impact Innovation Fund.
This new fund is specifically for very early-stage businesses, often called startups, that are working to solve everyday problems for Nigerians. The fund focuses on businesses in important areas like farming, healthcare, schools, electricity, and clean water management.
Under the agreement, Japan is giving a grant of $14 million, while the NSIA is putting in $20 million of its own money to match it. This partnership is designed to give these small companies “patient capital,” which is money that stays with a business for a long time to help it grow without the pressure of immediate repayment.
Beyond just handing over cash, the fund will also provide technical help. This means experts will work with the business owners to improve their products, grow their operations, and reach new customers in different markets.
Speaking at the signing ceremony held at the Ministry of Budget and Economic Planning, the Managing Director and CEO of NSIA, Aminu Umar-Sadiq, said this move will change the game for young businesses in the country.
“The Fund represents a transformative step for Nigeria’s startup ecosystem. 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,” he said.
He also said that working with the Japanese agency shows how much the government cares about helping local entrepreneurs and making sure the economy grows in a way that includes everyone.
“Our collaboration with JICA underscores our commitment to entrepreneurship, inclusive growth, and sustainable development,” Umar-Sadiq added.
The agencies are now working fast to get the fund running so they can start picking the first group of businesses to receive the investment. The goal of this project is to create new jobs for the youth, make life better for ordinary citizens, and help the Nigerian economy stand strong for years to come.
