Nigeria is taking a significant step to strengthen its startup ecosystem with the launch of a new US$50mn Impact Innovation Fund.
The initiative is a joint effort between the Nigeria Sovereign Investment Authority and the Japan International Cooperation Agency, designed to support early stage businesses working to solve key social challenges.
The fund will focus on startups operating in areas such as agriculture, healthcare, education, energy, waste and water management. By targeting these sectors, the initiative aims to support solutions that directly improve everyday life while also driving economic growth.
JICA will contribute US$14mn in grant funding, while NSIA will provide up to US$20mn to match the support. The fund will operate as a public investment platform within Nigeria, combining financial backing with technical support. This approach is intended to help startups develop their products, strengthen their operations and expand into new markets.
Beyond funding, the initiative is expected to play a wider role in job creation and improving livelihoods. By backing innovative businesses at an early stage, the fund aims to unlock new opportunities and encourage long term development across the country.
Aminu Umar Sadiq,Managing Director and CEO of NSIA,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.”
Work is already underway to put the fund into action, with plans to identify and support promising startups ready for investment. The focus will be on building a strong pipeline of businesses that can deliver real impact while also scaling sustainably.
NSIA continues to position itself as a key driver of economic progress through partnerships that expand access to funding, encourage innovation and support inclusive growth across Nigeria.