2026.03.16
On February 20, the Japan International Cooperation Agency (JICA) signed agreement documents for project implementation with the Government of Federal Republic of Nigeria in the capital city Abuja, to provide catalytic capital for the Project for the Development of Supporting Environment for Startups Addressing Social Challenges. The signatures were exchanged between Minister Abubakar Atiku Bagudu of the Federal Ministry of Budget and Economic Planning of the Federal Republic of Nigeria and Chief Representative Ishigame Keiji of JICA Nigeria Office.
Signing ceremony
In this Project, JICA and the Nigeria Sovereign Investment Authority (NSIA) will jointly provide capital and invest in the fund through NSIA. Furthermore, the Project will provide the necessary cooperation for institutional development to support the sustainable growth of startups, aiming to build and strengthen the local startup ecosystem. By doing so, the Project aims to promote growth of social entrepreneurs, thereby contributing to increasing employment, diversifying industry, and boosting economy in Nigeria. In addition, by supporting the growth of startups in Nigeria, the Project also aims to expand the pool of potential partners for Japanese companies, promote collaboration with Nigerian businesses, and contribute to the business expansion of Japanese companies.
Also, with a trust JICA and Japan retain, the Project is designed to use JICA’s funding as a catalyst to encourage participation from NSIA and other investors as LP (Limited Partner), thereby mobilizing private capital to amplify the impact out of the Project. This project is under JICA’s new initiative, the “Private Capital Mobilization Scheme.”
The project outline is explained below.
- Country
(Target Areas)
The Federal Republic of Nigeria
- Project Objective
The objective of the Project is to strengthen the startup ecosystem through providing finance to a fund established to support local startups working on economic and social development in the country, as well as developing an onshore fund management environment, thereby contributing to solving social issues through innovation.
- Specific Project Details
a) Provision of finance to a fund established by the Government of Nigeria
b) Consulting Services: Advisory support for the operation of the government established‑ investment fund, Consultation on the business plans of startups, etc.
c) Soft Components: Awareness raising for investors regarding the formation of the fund market, capacity building for relevant government agencies to facilitate‑ the establishment and effective operation of investment funds
- Maximum
Grant Amount
JPY3,142 million
- Implementation Period (planned)
159 Months（including detailed design work and procurement）
- Executing Agency
Nigeria Sovereign Investment Authority
- Contribution to SDGs
Goal 8 (Decent work and economic growth)
Goal 9 (Industry, innovation and infrastructure)
Goal 2 (Zero hunger), 3 (Good health and well-being), 4 (Quality education), 6 (Clean water and sanitation) etc. , depending on the sector of the startups supported through the Project.
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