By Nana Musa
The Minister of Budget and Economic Planning, Senator Atiku Bagudu has said that the agreement between the Federal Government and Japanese Government would improve the economy and the quality of lives.
Bagudu said this at the signing of the agreement on the project for development startup hub and the project development of supporting environment for social startup in the the country, in Abuja on Friday.
He said that the project for the development of the start-up hub would be implemented by National Information Technology Development Agency (NITDA).
Also, the project for the development of supporting environment for social start-ups in the Federal Republic of of Nigeria would be implemented by Nigeria Sovereign Authority (NSIA).
The minister said that the two interventions are multi-sectoral aligns with the current administration renewed hope agenda.
Bagudu said that there is visible synergy between the Governments of Japan and Nigeria.
“I want to use this opportunity to express my profound gratitude to the Japanese Government for the series of interventions being carried through Japan International Cooperation Agency (JICA) and the Embassy of Japan towards improving the quality of lives of Nigerians,” he said.
The Deputy Head of Mission/Counsellor, Embassy of Japan, Mr Hitoshi Kozaki, said that two projects would be addressing social challenges with grants of approximately 9.9 million dollars and 21 million dollars respectively.
“The first project we are signing today focuses on establishing a start-up hub in Abuja, this hub would 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 the country’s national development priorities.
“The second project we are signing today launches a funding mechanism specifically designed to support startups and complements the establishment of the start-up hub.
“This project aims to create a robust support structure for Nigerian entrepreneurs who are developing innovative solutions to pressing social challenges,” he said.
Kozaki said that the 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.
“And given the time needed to foster start-ups working in social development, the fund will run for 13 years and NSIA will manage its operation,” he said.
Kozaki said that the 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,” he said.
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