Nigeria, Japan Sign Agreements for $30.9M Startup Development Projects
By Patience Ikpeme
The Japanese government has pledged grants of about $9.9 million and $21 million to support two initiatives: “The Project for the Development of the Start-up Hub in Abuja” and “The Project for the Development of Supporting Environment for Startups Addressing Social Challenges.”
These commitments were formalized through agreements signed by Nigeria and Japan in Abuja.
The National Information Technology Development Agency (NITDA) will oversee the implementation of the Start-up Hub project, while the Nigeria Sovereign Investment Authority (NSIA) will manage the Supporting Environment project. To complement Japan’s funding, NSIA will contribute an additional amount in millions of dollars.
At the signing ceremony for the Exchange of Notes and Draft Agreement in Abuja, Senator Abubakar Bagudu, Minister of Budget and Economic Planning, reaffirmed the unwavering support of the Nigerian federal government for the Japan International Cooperation Agency (JICA), the Embassy of Japan, and by extension, the Japanese government, to ensure the successful execution of these projects.
Bagudu expressed deep appreciation to the Japanese government for its numerous interventions through JICA and the Embassy of Japan, aimed at enhancing the quality of life for Nigerians.
He noted that “these two (2) interventions which are multi-sectoral clearly aligns with the current Administration Renewed Hope Agenda which implies that there is visible synergy between the Governments of Japan and Nigeria.”
Mr. Hitoshi Kozaki, the Deputy Head of Mission at the Embassy of Japan, underscored the importance and scope of the projects. He noted that the project marks a significant historical achievement.
He pointed out that this initiative marks Japan’s first co-launch of a fund of this kind. Notably, the Nigerian Government will establish the fund, which will be equally co-funded by both countries and managed by the Nigeria Sovereign Investment Authority (NSIA) over 13 years.
Hitoshi added that Nigeria is the first country chosen by Japan’s Ministry of Foreign Affairs to pilot this innovative project, highlighting Nigeria’s strategic role in Japan’s foreign and economic development strategy.
Also, Dr. Emeka Vitalis Obi, Permanent Secretary of the Federal Ministry of Budget and Economic Planning, praised both nations for their foresight and dedication.
“Today marks a landmark in our mutual commitment to driving economic progress and enhancing Nigeria-Japan relations. This strategically significant agreement will enable impactful projects targeting key developmental priorities. I sincerely thank the Honourable Minister and the Government of Japan for their steadfast support and collaboration.” He noted .
