ABUJA — The Federal Government of Nigeria and the Government of Japan have signed two grant aid agreements worth a total of ¥4.776 billion (about N7.3 billion) to boost startups and innovation in Nigeria.
According to a press statement made available to Vanguard on Friday by the Embassy of Japan in Nigeria, through its Information and General Affairs Officer, Stanley Obiajunwa, the signing ceremony took place in Abuja on April 10.
The event featured Mr. Hitoshi Kozaki, Counsellor at the Embassy of Japan, and Nigeria’s Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu.
The statement said the grants are designed to help Nigerian startups grow, especially those solving social problems in sectors like healthcare, education, and agriculture.
The first grant, worth ¥3.142 billion, is for a project titled “Development of an Enabling Environment to Support Startups Tackling Social Challenges.”
It will provide funds for a startup support programme and help improve the investment climate for entrepreneurs.
The second grant, worth ¥1.634 billion, is for the “Development of an Entrepreneur Support Facility in Abuja.” It includes plans to build a modern startup hub with digital tools to support tech-based manufacturing and encourage collaboration among innovators.
The statement in parts, “This is Japan’s first-ever grant under the Private Sector Mobilization Grant Aid scheme.
“It is expected to help Nigeria build a strong base for innovation-led growth.
“This grant shows Japan’s confidence in Nigeria’s potential and the value of working together to promote innovation,” the statement added.
The funding is part of Japan’s pledge at the 8th Tokyo International Conference on African Development (TICAD 8) held in 2022, where it promised to support businesses making a social impact across Africa.
