Japan Supports Nigerian Start-ups with USD 30.9 Million Grants

On 10 April, Mr. KOZAKI Hitoshi, Counsellor of the Embassy of Japan in the Federal Republic of Nigeria, together with His Excellency Mr. Abubakar Atiku BAGUDU, Honourable Minister of the Federal Ministry of Budget and Economic Planning of the Federal Republic of Nigeria, signed the Exchange of Notes for the two grant aid projects on supporting Start-ups.

1. The Project for the Development of Supporting Environment for Start-ups Addressing Social Challenges (JPY 3.142 billion, approximately USD 21 million)

The Government of Japan will provide funding to a fund established by the Nigerian Government to improve the investment environment for local start-up companies addressing social challenges in Nigeria. The Government of Japan will promote cooperation for institutional arrangements necessary for sustainable growth of start-up companies. This project will help create and strengthen the investment environment for start-up companies in Nigeria and create a foundation for sustainable economic growth by solving social issues through innovation.

2. The Project for the Development of the Start-up Hub in Abuja (JPY 1.634 billion, approximately USD 9.9 million)

The Government of Japan will support the establishment of a new start-up hub facility in Abuja with digital equipment, etc. This investment will help create and foster manufacturing businesses, and promote cooperation among stakeholders to improve investment environment for start-up companies. This project aims to help solve social problems through innovation and diversifying industry through the creation of new industries in the country.

These collaborations embody Japan's commitment to supporting businesses that solve social problems, including start-up support, as expressed at TICAD 8 in August 2022.