Federal Government Secures $50m Impact Innovation Fund to Boost Startups
Federal Government Secures $50m Impact Innovation Fund to Boost Startups
Federal Government Secures $50m Impact Innovation Fund to Boost Startups
The Federal Government has secured a $50 million Impact Innovation Fund aimed at strengthening Nigeria’s startup ecosystem and accelerating innovation-driven enterprises across the country.
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The initiative was sealed by the Ministry of Budget and Economic Development in collaboration with the Nigeria Sovereign Investment Authority (NSIA) and the Japan International Cooperation Agency (JICA).
Minister of Budget and Economic Development, Abubakar Atiku Bagudu, said the fund is designed to unlock growth opportunities for young entrepreneurs while promoting sustainable job creation nationwide.
The Managing Director of Nigeria Sovereign Investment Authority, Aminu Umar Sadiq, described the partnership as a strategic move to channel long-term capital into high-impact sectors, particularly technology and innovation.
The collaboration with Japan International Cooperation Agency (JICA) underscores international confidence in Nigeria’s innovation landscape, with officials noting that the fund will provide catalytic financing and institutional support to emerging businesses.
Government representatives expressed optimism that the initiative will strengthen Nigeria’s entrepreneurial capacity, foster inclusive economic growth, and position the country as a leading hub for innovation in Africa.
Federal Government Secures $50m Impact Innovation Fund to Boost Startups
