Nigeria, Japan sign pact, to establish social start-ups hub in FCT
Agency Report
The federal government has signed an agreement with the Embassy of Japan (EoJ) for the development of a start-up hub and supporting environment for social start-ups in Abuja.
The grant of $30.9 million have been earmarked for the projects.
In his remarks at the signing ceremony For The Exchange Of Notes And Draft Agreement For “The Project For The Development Of The Start-Up Hub And “The Project For The Development Of Supporting Environment For Social Start-Ups, Thursday in Abuja, the Minister of Budget and Economic Development, Atiku Bagudu said the project would unlock the entrepreneurial energy of Nigerians.
“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,” comes with grants of approximately $9.9 million and $21 million, respectively.
The Minister said the projects would further boost Nigeria’s drive to diversify the economy.
“This meeting, which is of great importance to the Government and the people of Nigeria, is the signing of instruments for the Project for the Development of the Start-up Hub being implemented by NITDA and the Project for the Development of Supporting Environment for Social Start-ups in the Federal Republic of Nigeria being implemented by NSIA.
“It is also worthy to mention 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.
“I want to use this opportunity to express my profound gratitude to the Japanese Government for the series of interventions being carried through JICA and the Embassy of Japan towards improving the quality of lives of Nigerians.
“At this point, I want to re-state the unflinching support of the Government of Nigeria to JICA and the Embassy of Japan, by extension to the Japanese Government, towards ensuring successful implementation of these project which are signing the implementation instruments,” he said.
In his remarks, Deputy Head of Mission, Mr. Kozaki Hitashi, the projects will create a robust support structure for Nigerian entrepreneurs who are developing innovative solutions to address social challenges.
This project is also aimed at supporting the federal government’s economic diversification efforts.
According to Hitashi, the signing of the Exchange of Notes is a shared vision for a more innovative, inclusive, and prosperous Nigeria, adding that it marks another significant milestone in the partnership between both countries.
“I am excited to announce that the first project we are signing today focuses on establishing a start-up hub in Abuja. This hub will serve as a central node in Nigeria’s innovation ecosystem, providing entrepreneurs with access to essential resources, mentorship, networking opportunities, and technical support. We invest in this physical and institutional infrastructure to empower Nigerian innovators to transform their ideas into viable businesses that can create jobs, generate economic value, and contribute to Nigeria’s national development priorities.
“The second project we are signing today launches a funding mechanism specifically designed to support startups and complements the establishment of the start-up hub.
“These two projects reflect Japan’s commitment to supporting Nigeria’s efforts to diversify its economy and harness the power of technology and innovation. We believe that by investing in Nigeria’s entrepreneurial talent, we are investing in the future of Africa’s largest economy and most populous nation,”
