The federal government has signed a memorandum of understanding (MoU) with the Japanese Government to create an enabling environment for business start-ups to boost their innovative ideas and impact the country.
The groundbreaking projects valued at a total sum of $30.9 million, included instruments for the “Development of the Start-up Hub” which is being implemented by the National Information Technology Development Agency (NITDA) and valued at $9.9 million.
The hub, which would be established in Abuja, would serve as a central node in the country’s innovation ecosystem, providing entrepreneurs with access to essential resources, mentorship, networking opportunities, and technical support.
The second intervention involved a project for the “Development of Supporting Environment for Social Start-ups in Nigeria,” implemented by the Nigeria Sovereign Investment Authority (NSIA) and valued at $21 million.
This was designed to support startups and complements the establishment of the start-up hub, and aims to create a robust support structure for Nigerian entrepreneurs who are developing innovative solutions to pressing social challenges.