By Stanley Iwuoha
Very soon Nigeria’s start-up ecosystem will boom.
That is what the $30.9 million startup development deal Nigeria signed with China, Friday, will do.
Of course, you don’t pump over $30m in a sector and expect it to remain at the level it was before the investment.
Interesting optics which show that this prediction is going to be for real is the articlles of the agreement.
The deal is framed up around the need to address social challenges through innovative tech solutions.
These are the common but deliberate steps China had taken to be where it is today. So if Nigeria adopts the model, the future of not only the tech ecosystem, but the whole Nigerian economy will look up.
The agreement was signed by the Minister of Budget and National Planning, Sen. Atiku Bagudu, on behalf of the Nigerian government, and representatives from Japan International Cooperation Agency (JICA) and the Embassy of Japan.
The project aims to create a thriving startup ecosystem in Nigeria, providing necessary infrastructure and support for entrepreneurs.
The initiative will also focus on addressing social challenges through innovative startup solutions, aligning with Nigeria’s Renewed Hope Agenda.
National Information Technology Development Agency (NITDA), will be responsible for implementing the Project for the Development of the Start-up Hub while the Nigeria Sovereign Investment Authority (NSIA ) will be implementing the Project for the Development of Supporting Environment for Social Start-ups.
According to the partners, the project is expected to improve the quality of life for Nigerians through innovative solutions and economic growth.
The agreement highlights the collaboration between Nigeria and Japan, demonstrating a shared commitment to development and innovation.
The Minister Bagudu expressed gratitude to the Japanese government for their interventions in Nigeria, particularly through JICA and the Embassy of Japan.
He noted that the projects align with Nigeria’s Renewed Hope Agenda, emphasizing the synergy between the governments of Nigeria and Japan.
The minister reaffirmed the Nigerian government’s support for JICA and the Embassy of Japan in ensuring the successful implementation of the projects.
The Japanese delegation, led by Mr. Kozaki Hitashi, expressed gratitude to Nigerian partners for their collaboration on two groundbreaking projects.
Hitachi said the initiatives aims to boost Nigeria’s innovation ecosystem and address social challenges through startup development.
The Startup Hub to be built in Abuja is expected to boost innovation and entrepreneurship in Nigeria, providing resources, mentorship, and technical support.
Approximately $9.9 million grant from the Japanese government will be used to create a robust support structure for startups addressing social challenges and another $21 million grant also from the Japanese government, with equal co-funding from the Nigerian government will be used to establish Start-Up hub in Abuja whe the Nigeria Sovereign Investment Agency (NSIA) will manage the fund’s operation for 13 years.
Representatives from the implementation partners; Nigeria Sovereign Investment Authority, National Information Technology Development Agency, NITDa and representatives from Japan International Cooperation Agency and the Embassy of Japan witnessed the signing of the agreement.
