BII Seeks Role in Nigeria’s $50 Million Startup Fund with Japan

British International Investment (BII) has shown interest in participating in a $50 million startup fund being developed by Nigeria’s sovereign wealth manager and Japan’s development agency, according to Finance Minister Taiwo Oyedele. The fund, known as the Impact Innovation Fund, aims to support promising Nigerian businesses facing financing and skills challenges.

The initiative involves collaboration between Nigeria’s National Space Research and Innovation Agency (NSIA) and Japan’s Japan International Cooperation Agency (JICA). NSIA has previously outlined the investment vehicle as a $50 million Impact Innovation Fund, designed to foster innovation and economic growth.

Finance Minister Taiwo Oyedele highlighted the need for improved financing and skill development for Nigerian businesses, emphasizing the potential of the fund to address these challenges. The partnership with Japan underscores the growing interest in Nigeria’s startup ecosystem.