FG, Japan sign N73bn deal to empower startups, innovation in Nigeria

In a major boost to Nigeria’s startup ecosystem, the Governments of Nigeria and Japan has signed and exchanged official documents for two grant aid projects worth a combined ¥47.76 billion, approximately N73 billion. In a press statement signed by Stanley Obiajunwa of the Information and Culture/General Affairs/Protocol Section of the Embassy of Japan in Nigeria, the ceremony took place in Abuja on April 10. It featured Japan’s Embassy Counsellor, Mr. Hitoshi Kozaki, and Nigeria’s Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu. According to the statement, the grants are aimed at strengthening Nigeria’s innovation capacity and promoting sustainable development through the empowerment of startups focused on addressing social challenges.
The first project, titled “Development of an Enabling Environment to Support Startups Tackling Social Challenges,” is valued at ¥31.42 billion. It seeks to improve investment opportunities for local startups addressing critical issues in healthcare, education, and agriculture by funding a government-established startup fund and supporting long-term ecosystem reforms. The statement in parts, “This is Japan’s first-ever grant under the Private Sector Mobilization Grant Aid scheme and is expected to help Nigeria create a strong foundation for innovation-led economic growth”. The second project, “Development of an Entrepreneur Support Facility in Abuja,” worth ¥16.34 billion, will involve the construction of a high-tech startup hub equipped with digital fabrication tools. The goal is to encourage manufacturing-based entrepreneurship and foster collaboration among key players in the innovation space.
Japan’s support aligns with its commitment made at the 8th Tokyo International Conference on African Development (TICAD 8) in 2022, where it pledged to support social-impact businesses across Africa. “This grant demonstrates Japan’s belief in Nigeria’s potential and the importance of strategic partnerships in driving sustainable innovation,” the statement concluded.