NSIA, JICA sign $50m Impact Innovation Fund agreement to empower Nigerian startups
From left: Pius Osiriamhe Anyiador, Head, Nigeria Infrastructure Fund NSIA; Keji Ishigame, Country Rep, JICA; Aminu Umar-Sadiq, MD & CEO, NSIA; Teslim Abass, Project Lead, JICA at the recently concluded Agreement Signing Ceremony of the $50 million NSIA and JICA Innovaton Fund
Omeiza Bilal
The Nigeria Sovereign Investment Authority (NSIA) and the Japan International Cooperation Agency (JICA) have finalised agreements to launch a $50 million Impact Innovation Fund aimed at strengthening the Nigerian start-up ecosystem.
The Fund will provide patient capital to pre-seed, seed, and early-stage startups addressing critical social challenges in sectors such as agriculture, healthcare, education, energy, waste and water management.
JICA will provide $14 million in grant support, while NSIA will contribute up to $20 million to match the grant. Structured as an onshore public fund, the initiative combines financial support with technical assistance to help startups refine products, scale operations, and expand into new markets.
The Fund is expected to create jobs, improve livelihoods, and contribute to sustainable economic development across Nigeria.
Speaking at the agreement signing ceremony between NSIA and JICA at the Ministry of Budget and Economic Planning, Managing Director and CEO of NSIA, Aminu Umar-Sadiq said, “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. Our collaboration with JICA underscores our commitment to entrepreneurship, inclusive growth, and sustainable development.
“And it was always important to His Excellency the Minister to find a way to channel capital to our youth that was on the one hand, long-term, patient, local currency by nature, but on the other hand, downside protected. And I think this combination of NSIA and JICA under the leadership of the ministry offers that.
“You have a grant capital, which serves as the first loss from JICA facilitated by the ministry. You have matching capital from NSIA and off the back of that, you have our ability to raise significant additional capital so that we can disperse in local currency to the Nigerian youth. I think that is an exceptional idea. All that is left now is in our joint ability to execute accordingly.
“So, we have to keep going until we move the needle for an economy like Nigeria.
In his remarks, Japan Ambassador to Nigeria, said the agreement aims to achieve development goals by the “co-creation” of social value through dialogue and collaboration with Japan’s partner countries, while mobilising private finance in combination with ODA.
“This project is part of our package for Nigeria that Japan proactively proposes a set of appealing cooperation programs in the areas that are strategically important for Japan based on its foreign policy priorities.
“Today’s project represents Japan’s first-ever implementation of this development model globally, specifically involving a fund that incorporates private capital. The Government of Japan hopes this new project will take root in Nigeria and bear fruit swiftly,” he said.
