The Federal Government of Nigeria has signed a Memorandum of Understanding with the Government of Japan to support business start-ups and promote innovation across the country.
As part of the agreement, groundbreaking projects valued at $30.9 million will be implemented, including a key initiative—the Development of the Start-up Hub—spearheaded by the National Information Technology Development Agency and valued at $9.9 million.
This partnership aims to create an enabling environment for entrepreneurs to grow their ideas and contribute meaningfully to Nigeria’s economic development.
The hub, to be established in Abuja, will serve as a key focal point in Nigeria’s innovation ecosystem, providing entrepreneurs with crucial resources, mentorship, networking opportunities, and technical support to foster business growth and innovation.
The second initiative is the “Development of Supporting Environment for Social Start-ups in Nigeria” project, valued at $21 million, and implemented by the Nigeria Sovereign Investment Authority.
This project is designed to complement the start-up hub, providing additional support for social start-ups. Its goal is to build a strons framework for Nigerian entrepreneurs focused on creating innovative solutions to pressing social challenges.
The partnership was endorsed by Senator Abubakar Bagudu, the Minister of Budget and Economic Planning, on behalf of the Federal Government, while the Deputy Head of Mission at the Embassy of Japan, Mr. Kozaki Hitoshi, signed on behalf of the Japanese Government.
The minister expressed his appreciation to the Japanese Government for its continuous support through the Japan International Cooperation Agency and the Embassy of Japan, which are focused on improving the lives of Nigerians.
Bagudu also reiterated the federal government’s strong commitment to supporting JICA, the Embassy of Japan, and the Japanese Government in ensuring the successful implementation of these projects.
He emphasized that the two multi-sectoral interventions are in line with the current administration’s Renewed Hope Agenda, showcasing the strong partnership between both countries.
In his remarks, Hitoshi emphasized the decades of fruitful partnership between the two countries, adding, “Our relationship continues to strengthen and grow, reflecting our shared dedication to sustainable development and mutual prosperity.”
He said, “I am excited to announce that the first project we are signing today 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.
“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.
“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.”
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.
“The signing of these Exchange of Notes today 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 realising this vision. Together, we can create opportunities for Nigeria’s talented youth and contribute to building a more resilient society,” Hitoshi stated.
