Federal Government of Nigeria and the Government of Japan on Thursday signed two landmark agreements aimed at deepening support for innovation and entrepreneurship in Nigeria, with a combined grant commitment of over $30 million.
The agreements, signed in the office of the Minister of Budget and Economic Planning, Senator Atiku Bagudu, cover the “Project for the Development of the Start-up Hub” to be implemented by the National Information Technology Development Agency (NITDA), and the “Project for the Development of Supporting Environment for Social Start-ups in the Federal Republic of Nigeria” to be executed by the Nigeria Sovereign Investment Authority (NSIA).
Senator Bagudu, who hosted the signing ceremony, described the initiatives as significant interventions that align with President Bola Tinubu’s Renewed Hope Agenda, highlighting the synergy between the Governments of Nigeria and Japan.
“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,” the minister said.
He added that the multi-sectoral nature of the two projects demonstrates a shared commitment to national development priorities and expressed the unwavering support of the Nigerian Government for their successful implementation.
“We believe that these projects will not only catalyze growth in the tech and innovation sector but also support the broader objectives of economic diversification and social development,” Bagudu stated.
Speaking at the event, the deputy head of Mission and Counselor of the Embassy of Japan in Nigeria, Kosaki Hitoshi, said Japan was proud to partner with Nigeria on two groundbreaking projects: the creation of a Start-up Hub in Abuja and a new support system for social start-ups.
According to him, the Start-up Hub project comes with a grant of approximately $9.9 million, while the second project, which aims to create a funding mechanism for startups solving social challenges, comes with a grant of around $21 million. The two initiatives, he noted, mark a new phase in the bilateral relationship between Nigeria and Japan.
“The first project 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,” Hitoshi explained.
He said the second project is particularly historic, as it marks the first time the government of Japan is launching a fund to support social innovation, co-funded equally with the Nigerian Government. The fund, to be managed by NSIA, will run for 13 years.
“This project is unique because the Nigerian Government itself will set up the fund to invest in start-ups that solve social problems. It underscores the strategic importance Japan places on Nigeria’s entrepreneurial ecosystem,” he said.
Hitoshi also disclosed that Nigeria was chosen by Japan’s Ministry of Foreign Affairs as the first country to pilot this innovative model, a decision that has generated strong interest 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,” he said.
The signing ceremony was witnessed by officials from the Ministry of Finance, NITDA, NSIA, and the Japanese International Cooperation Agency (JICA).
Both countries expressed hope that the agreements would strengthen bilateral cooperation and foster a robust, inclusive start-up ecosystem in Nigeria, particularly in addressing social and economic challenges through innovation.
As the projects take off, stakeholders anticipate a new era of collaboration that will unlock the potential of Nigerian youth, expand access to funding and mentorship for entrepreneurs, and contribute to sustainable national development.
