By Joseph Chibueze, Abuja
The Federal Government and the government of the Republic of Japan through the Japan International Cooperation Agency (JICA), have signed two key agreements aimed at boosting start-up entrepreneurs in Nigeria.
The agreements, the Project for the Development of a Start-up Hub in Abuja” and “The Project for the Development of Supporting Environment for Startups Addressing Social Challenges,” have grants of approximately $9.9 million and $21 million, respectively.
The National Information Technology Development Agency (NITDA) is the implementing agency while the Nigeria Sovereign Investment Authority (NSIA) is the implementing agency for the project for the development of a supporting environment for startups addressing social challenges.
Minister of Budget and Economic Planning, Senator Abubakar Bagudu, during the signing ceremony in Abuja, commended the government of Japan represented by the Embassy of Japan, for choosing Nigeria for the projects.
He said the two interventions which are multi-sectoral clearly align with the current administration’s Renewed Hope Agenda which implies that there is visible synergy between the Governments of Japan and Nigeria.
According to the Minister, “I want to use this opportunity to express my profound gratitude to the Japanese Government for the series of interventions being undertaken through JICA and the Embassy of Japan towards improving the quality of lives of Nigerians.”
He pledged the unflinching support of the government of Nigeria to JICA and the Embassy of Japan towards ensuring the successful implementation of the project.
“I hope this signing of these agreements will yield more fruitful collaborations in future,” he noted.
Also speaking, the Deputy Head of Mission, Republic of Japan, Kozaki Hitachi, said Japan and Nigeria have enjoyed decades of fruitful partnership across many sectors and the relationship continues to deepen and evolve, reflecting a shared commitment to sustainable development and mutual prosperity.
He said the start-up hub to be established in Abuja 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,” he said.
He noted that the second project whose agreement was also signed launches a funding mechanism specifically designed to support startups and complements the establishment of the start-up hub.
“This project aims to create a robust support structure for Nigerian entrepreneurs who are developing innovative solutions to pressing social challenges,” he said.
“This also marks a historic undertaking by the Government of Japan to launch this type of fund project for the first time. What makes this project unique is that the Nigerian Government itself will set up the fund with the aim of investing in start-up companies that solve social problems, co-funded equally by the Japanese and Nigerian Governments. And given the time needed to foster start-ups working in social development, the fund will run for 13 years and NSIA will manage its operation.”
He said the fact that Japan’s Ministry of Foreign Affairs selected Nigeria as the first country to pioneer this innovative project, underscores the strategic importance Japan places on Nigeria’s entrepreneurial ecosystem and the bilateral relationship between the two countries.
“This unprecedented initiative is attracting significant attention in Tokyo.
“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,” Hitachi said.
He said the signing of the Exchange of Notes represents not just an agreement between governments, but a shared vision for a more innovative, inclusive, and prosperous Nigeria.
“Let us continue to strengthen our partnership and work hand in hand toward realizing this vision. Together, we can create opportunities for Nigeria’s talented youth and contribute to building a more resilient society,” he said.
